Erasca (NASDAQ:ERAS) Issues Quarterly Earnings Results

Erasca (NASDAQ:ERAS) released its quarterly earnings results on Monday. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.41), FiscalAI reports.

Erasca Price Performance

Shares of NASDAQ:ERAS traded up $0.33 during mid-day trading on Monday, hitting $10.45. The company had a trading volume of 3,117,432 shares, compared to its average volume of 7,214,869. The firm has a fifty day moving average price of $15.68 and a 200 day moving average price of $9.29. The company has a market capitalization of $3.25 billion, a PE ratio of -23.76 and a beta of 0.68. Erasca has a one year low of $1.06 and a one year high of $24.28.

Insider Buying and Selling at Erasca

In other Erasca news, insider Ebun Garner sold 80,000 shares of the business’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $16.40, for a total transaction of $1,312,000.00. Following the completion of the sale, the insider owned 25,076 shares in the company, valued at approximately $411,246.40. The trade was a 76.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Shannon Morris sold 20,000 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $15.04, for a total transaction of $300,800.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 14.20% of the company’s stock.

Institutional Trading of Erasca

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Invesco Ltd. increased its stake in Erasca by 16.9% during the 4th quarter. Invesco Ltd. now owns 329,795 shares of the company’s stock valued at $1,227,000 after purchasing an additional 47,770 shares in the last quarter. EP Wealth Advisors LLC bought a new stake in Erasca during the 4th quarter valued at $112,000. XTX Topco Ltd bought a new stake in Erasca during the 4th quarter valued at $40,000. Ikarian Capital LLC bought a new stake in Erasca during the 4th quarter valued at $2,736,000. Finally, Susquehanna Portfolio Strategies LLC increased its stake in Erasca by 58.4% during the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 59,087 shares of the company’s stock valued at $220,000 after purchasing an additional 21,787 shares in the last quarter. Institutional investors own 67.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ERAS shares. JPMorgan Chase & Co. lifted their price objective on shares of Erasca from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Wednesday, March 18th. Morgan Stanley set a $10.00 price objective on shares of Erasca in a research note on Monday, January 26th. Guggenheim lifted their price objective on shares of Erasca from $12.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, March 16th. Piper Sandler lifted their price objective on shares of Erasca from $11.00 to $18.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. Finally, Stifel Nicolaus lifted their price objective on shares of Erasca from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $17.88.

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.