Erasca (NASDAQ:ERAS) Price Target Raised to $20.00

Erasca (NASDAQ:ERAS) had its price target increased by Guggenheim from $12.00 to $20.00 in a research report released on Monday,Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages also recently issued reports on ERAS. Mizuho raised their price objective on shares of Erasca from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, March 13th. Citigroup reaffirmed a “buy” rating on shares of Erasca in a report on Friday, March 13th. Stifel Nicolaus set a $20.00 price target on Erasca in a report on Tuesday, March 10th. HC Wainwright boosted their price target on Erasca from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, March 13th. Finally, Morgan Stanley set a $10.00 price objective on Erasca in a research note on Monday, January 26th. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $14.10.

Erasca Trading Up 1.0%

ERAS stock opened at $13.50 on Monday. The company has a market capitalization of $4.20 billion, a P/E ratio of -30.68 and a beta of 1.16. The business has a 50 day simple moving average of $11.81 and a 200-day simple moving average of $5.84. Erasca has a twelve month low of $1.01 and a twelve month high of $16.41.

Erasca (NASDAQ:ERAS) last announced its earnings results on Thursday, March 19th. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. Research analysts predict that Erasca will post -0.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Shannon Morris sold 20,000 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $15.04, for a total value of $300,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Ebun Garner sold 120,000 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $5.59, for a total transaction of $670,800.00. Following the completion of the sale, the general counsel owned 25,076 shares of the company’s stock, valued at $140,174.84. This trade represents a 82.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 14.40% of the company’s stock.

Institutional Investors Weigh In On Erasca

Hedge funds and other institutional investors have recently modified their holdings of the stock. Spruce Street Capital LP purchased a new stake in shares of Erasca during the 4th quarter worth approximately $14,469,000. Vivo Capital LLC increased its stake in Erasca by 37.2% in the 3rd quarter. Vivo Capital LLC now owns 9,273,428 shares of the company’s stock valued at $20,216,000 after purchasing an additional 2,516,672 shares in the last quarter. State Street Corp increased its stake in Erasca by 53.2% in the 4th quarter. State Street Corp now owns 6,174,642 shares of the company’s stock valued at $22,970,000 after purchasing an additional 2,145,386 shares in the last quarter. Paradigm Biocapital Advisors LP raised its holdings in Erasca by 13.9% during the third quarter. Paradigm Biocapital Advisors LP now owns 13,560,017 shares of the company’s stock worth $29,561,000 after purchasing an additional 1,652,835 shares during the last quarter. Finally, VR Adviser LLC boosted its position in Erasca by 10.1% during the second quarter. VR Adviser LLC now owns 17,857,083 shares of the company’s stock worth $22,678,000 after purchasing an additional 1,640,867 shares in the last quarter. 67.78% of the stock is currently owned by institutional investors and hedge funds.

Erasca Company Profile

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.