Erasca (NASDAQ:ERAS) Shares Gap Down – Time to Sell?

Erasca, Inc. (NASDAQ:ERAS)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $9.81, but opened at $9.20. Erasca shares last traded at $8.9790, with a volume of 1,922,288 shares.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Mizuho increased their price objective on Erasca from $4.00 to $5.00 and gave the company an “outperform” rating in a research note on Tuesday, December 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Erasca in a research report on Wednesday, October 8th. Stifel Nicolaus set a $10.00 target price on shares of Erasca in a research report on Monday, January 12th. Morgan Stanley set a $4.00 price target on Erasca in a report on Thursday, January 8th. Finally, Piper Sandler increased their price target on Erasca from $5.00 to $11.00 and gave the stock an “overweight” rating in a research note on Friday, January 16th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.11.

Erasca Trading Down 0.5%

The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of -21.77 and a beta of 1.15. The firm has a 50 day moving average price of $4.17 and a two-hundred day moving average price of $2.67.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.11). As a group, research analysts forecast that Erasca, Inc. will post -0.73 earnings per share for the current year.

Insider Buying and Selling at Erasca

In other news, General Counsel Ebun Garner sold 120,000 shares of the stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $5.59, for a total value of $670,800.00. Following the completion of the sale, the general counsel owned 25,076 shares in the company, valued at approximately $140,174.84. This trade represents a 82.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 14.40% of the stock is owned by insiders.

Institutional Trading of Erasca

Hedge funds have recently made changes to their positions in the company. Wealthcare Advisory Partners LLC purchased a new position in shares of Erasca during the 4th quarter valued at approximately $56,000. SG Americas Securities LLC raised its holdings in Erasca by 233.3% during the fourth quarter. SG Americas Securities LLC now owns 48,677 shares of the company’s stock worth $181,000 after purchasing an additional 34,072 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new position in shares of Erasca in the 3rd quarter worth approximately $40,000. Vivo Capital LLC lifted its position in shares of Erasca by 37.2% during the 3rd quarter. Vivo Capital LLC now owns 9,273,428 shares of the company’s stock valued at $20,216,000 after acquiring an additional 2,516,672 shares during the last quarter. Finally, Paradigm Biocapital Advisors LP boosted its position in shares of Erasca by 13.9% in the 3rd quarter. Paradigm Biocapital Advisors LP now owns 13,560,017 shares of the company’s stock valued at $29,561,000 after purchasing an additional 1,652,835 shares during the period. Hedge funds and other institutional investors own 67.78% of the company’s stock.

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.