Erasca (NASDAQ:ERAS) Sees Large Volume Increase on Analyst Upgrade

Erasca, Inc. (NASDAQ:ERAS) shares saw unusually-high trading volume on Tuesday after Stifel Nicolaus raised their price target on the stock from $20.00 to $30.00. Stifel Nicolaus currently has a buy rating on the stock. Approximately 9,927,533 shares changed hands during trading, an increase of 48% from the previous session’s volume of 6,697,390 shares.The stock last traded at $10.0610 and had previously closed at $19.15.

Several other equities research analysts have also recently issued reports on ERAS. HC Wainwright lifted their target price on shares of Erasca from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, March 13th. Morgan Stanley set a $10.00 target price on shares of Erasca in a research note on Monday, January 26th. Citigroup reaffirmed a “buy” rating on shares of Erasca in a research note on Friday, March 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research note on Thursday, January 22nd. Finally, Piper Sandler lifted their target price on shares of Erasca from $11.00 to $18.00 and gave the stock an “overweight” rating in a research note on Friday, March 13th. Seven research 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’s stock. According to MarketBeat, Erasca currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.88.

Insider Buying and Selling at Erasca

In other news, insider Ebun Garner sold 80,000 shares of Erasca stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $16.40, for a total transaction of $1,312,000.00. Following the transaction, the insider owned 25,076 shares in the company, valued at $411,246.40. The trade was a 76.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Shannon Morris sold 20,000 shares of Erasca stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $15.04, for a total value of $300,800.00. Additional details regarding this sale are available in the official SEC disclosure. 14.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. VR Adviser LLC raised its holdings in shares of Erasca by 10.1% during the 2nd quarter. VR Adviser LLC now owns 17,857,083 shares of the company’s stock worth $22,678,000 after acquiring an additional 1,640,867 shares during the period. Paradigm Biocapital Advisors LP raised its holdings in shares of Erasca by 4.4% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 14,159,095 shares of the company’s stock worth $52,672,000 after acquiring an additional 599,078 shares during the period. Vanguard Group Inc. raised its holdings in shares of Erasca by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,811,832 shares of the company’s stock worth $27,930,000 after acquiring an additional 116,235 shares during the period. Vivo Capital LLC raised its holdings 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 worth $20,216,000 after acquiring an additional 2,516,672 shares during the period. Finally, State Street Corp raised its holdings in shares of Erasca by 53.2% during the 4th quarter. State Street Corp now owns 6,174,642 shares of the company’s stock worth $22,970,000 after acquiring an additional 2,145,386 shares during the period. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Erasca Trading Down 50.0%

The firm has a fifty day moving average price of $16.00 and a 200 day moving average price of $8.96. The firm has a market cap of $2.98 billion, a PE ratio of -21.67 and a beta of 1.04.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings results on Thursday, March 12th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.01. As a group, equities analysts predict that Erasca, Inc. will post -0.51 earnings per share for the current year.

About Erasca

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.