Erasca (NASDAQ:ERAS) Announces Quarterly Earnings Results

Erasca (NASDAQ:ERAS) posted its quarterly earnings data on Tuesday. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.03), FiscalAI reports.

Erasca Stock Up 3.6%

NASDAQ ERAS traded up $0.66 on Wednesday, reaching $18.97. The stock had a trading volume of 1,200,517 shares, compared to its average volume of 6,264,151. Erasca has a 12-month low of $1.33 and a 12-month high of $24.28. The stock has a fifty day moving average price of $16.98 and a two-hundred day moving average price of $14.89. The firm has a market capitalization of $5.90 billion, a price-to-earnings ratio of -20.40 and a beta of 0.66.

Institutional Investors Weigh In On Erasca

Hedge funds have recently added to or reduced their stakes in the business. EntryPoint Capital LLC purchased a new position in shares of Erasca in the 4th quarter valued at about $38,000. Stifel Financial Corp purchased a new stake in Erasca in the 4th quarter valued at $38,000. XTX Topco Ltd purchased a new stake in shares of Erasca in the fourth quarter valued at about $40,000. Mariner LLC purchased a new stake in shares of Erasca in the fourth quarter valued at about $40,000. Finally, Cibc World Markets Corp purchased a new stake in Erasca during the 4th quarter valued at approximately $43,000. 67.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on ERAS shares. HSBC set a $20.00 price objective on Erasca in a research note on Tuesday, July 14th. Wolfe Research set a $16.00 price target on Erasca in a research note on Thursday, June 4th. Jefferies Financial Group restated a “buy” rating on shares of Erasca in a research report on Tuesday, July 14th. Mizuho reduced their price target on Erasca from $28.00 to $26.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Finally, Morgan Stanley raised their price objective on Erasca from $12.00 to $21.00 and gave the company an “equal weight” rating in a report on Monday, July 20th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.82.

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.