Erasca (NASDAQ:ERAS) Shares Up 10.5% – Time to Buy?

Erasca, Inc. (NASDAQ:ERAS) was up 10.5% during trading on Wednesday . The company traded as high as $12.43 and last traded at $12.7020. Approximately 596,829 shares traded hands during trading, a decline of 91% from the average daily volume of 6,804,222 shares. The stock had previously closed at $11.50.

Wall Street Analyst Weigh In

A number of research analysts have commented on ERAS shares. Stifel Nicolaus increased their price target on shares of Erasca from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Citigroup reiterated a “buy” rating on shares of Erasca in a research report on Friday, March 13th. Mizuho reduced their price target on shares of Erasca from $28.00 to $26.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. HC Wainwright increased their price target on shares of Erasca from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, March 13th. Finally, Piper Sandler increased their price target on shares of Erasca from $11.00 to $18.00 and gave the company an “overweight” rating in a research report on Friday, March 13th. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $18.75.

Erasca Price Performance

The stock has a market cap of $3.91 billion, a PE ratio of -13.35 and a beta of 0.68. The business has a 50 day moving average price of $14.66 and a two-hundred day moving average price of $10.05.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.48). On average, sell-side analysts forecast that Erasca, Inc. will post -0.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Ebun Garner sold 80,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider owned 25,076 shares of the company’s stock, valued at approximately $411,246.40. This represents a 76.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Shannon Morris sold 20,000 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were 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. Corporate insiders own 14.20% of the company’s stock.

Institutional Trading of Erasca

A number of institutional investors have recently made changes to their positions in ERAS. Neuberger Berman Group LLC lifted its stake in Erasca by 11.3% in the fourth quarter. Neuberger Berman Group LLC now owns 12,358 shares of the company’s stock worth $46,000 after acquiring an additional 1,253 shares during the period. Abel Hall LLC lifted its stake in Erasca by 8.1% in the first quarter. Abel Hall LLC now owns 16,947 shares of the company’s stock worth $274,000 after acquiring an additional 1,265 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Erasca by 77.8% in the first quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company’s stock worth $69,000 after acquiring an additional 1,859 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Erasca by 25.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,787 shares of the company’s stock worth $51,000 after acquiring an additional 2,820 shares during the period. Finally, ProShare Advisors LLC lifted its stake in Erasca by 11.1% in the fourth quarter. ProShare Advisors LLC now owns 44,216 shares of the company’s stock worth $164,000 after acquiring an additional 4,430 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.