Erasca (NASDAQ:ERAS) Stock Rating Upgraded by Piper Sandler

Erasca (NASDAQ:ERAS) was upgraded by research analysts at Piper Sandler to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other equities analysts also recently issued reports on ERAS. Guggenheim increased their price objective on Erasca from $3.00 to $5.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Mizuho increased their price target on shares of Erasca from $4.00 to $5.00 and gave the stock 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. Morgan Stanley set a $4.00 price objective on shares of Erasca in a research note on Thursday. Finally, Wall Street Zen raised shares of Erasca from a “sell” rating to a “hold” rating in a research note on Sunday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.44.

Erasca Price Performance

ERAS stock opened at $5.81 on Wednesday. Erasca has a 1 year low of $1.01 and a 1 year high of $6.49. The firm has a 50-day moving average of $3.19 and a 200 day moving average of $2.25. The company has a market cap of $1.65 billion, a P/E ratio of -12.91 and a beta of 1.15.

Erasca (NASDAQ:ERAS) last posted its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.11). On average, equities research analysts expect that Erasca will post -0.73 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Ebun Garner sold 120,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $5.59, for a total value of $670,800.00. Following the transaction, the general counsel owned 25,076 shares in the company, valued at approximately $140,174.84. This represents a 82.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 14.40% of the company’s stock.

Hedge Funds Weigh In On Erasca

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Captrust Financial Advisors boosted its stake in Erasca by 13.6% during the 2nd quarter. Captrust Financial Advisors now owns 54,111 shares of the company’s stock valued at $69,000 after purchasing an additional 6,486 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Erasca by 58.0% during the second quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock valued at $27,000 after purchasing an additional 7,923 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of Erasca by 39.1% during the second quarter. New York State Common Retirement Fund now owns 37,360 shares of the company’s stock valued at $47,000 after buying an additional 10,501 shares during the last quarter. Sio Capital Management LLC increased its holdings in Erasca by 1.0% in the 2nd quarter. Sio Capital Management LLC now owns 1,369,748 shares of the company’s stock worth $1,740,000 after buying an additional 13,562 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in Erasca in the 3rd quarter worth about $31,000. 67.78% of the stock is owned by institutional investors.

Trending Headlines about Erasca

Here are the key news stories impacting Erasca this week:

• Positive Sentiment: Piper Sandler initiated coverage of Erasca with an “overweight” rating — a fresh buy-side analyst view that can attract investor interest and buying pressure. Piper Sandler initiates coverage of Erasca (ERAS) with overweight recommendation
• Neutral Sentiment: Multiple LULD (Limit Up/Limit Down) trading halts on Jan 7 and Jan 8 indicate elevated intraday volatility and rapid price moves; halts are market-protection events that can amplify volume and short-term swings but don’t by themselves change fundamentals.
• Neutral Sentiment: Sector noise: a takeover rumor involving Revolution Medicines/AbbVie lifted biotech risk appetite today and likely spilled over into peer names, including Erasca, helping lift the stock. Revolution Medicines jumps on report AbbVie nears takeover
• Negative Sentiment: Insider selling: General Counsel Ebun Garner sold 120,000 shares at an average $5.59 (disclosed in an SEC filing), cutting her direct ownership by ~82.7% — a sizable insider sale that can weigh on investor confidence. SEC ownership filing

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.