Erasca (NASDAQ:ERAS) Stock Price Down 6.3% – Time to Sell?

Erasca, Inc. (NASDAQ:ERAS) shares were down 6.3% on Friday . The company traded as low as $20.72 and last traded at $21.06. Approximately 1,718,662 shares traded hands during trading, a decline of 73% from the average daily volume of 6,418,334 shares. The stock had previously closed at $22.47.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ERAS shares. Piper Sandler lifted their target price on shares of Erasca from $11.00 to $18.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. HC Wainwright lifted 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. Stifel Nicolaus set a $20.00 price target on shares of Erasca in a research report on Tuesday, March 10th. Citigroup reissued a “buy” rating on shares of Erasca in a research report on Friday, March 13th. Finally, Mizuho lifted their price target on shares of Erasca from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, March 13th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Erasca currently has a consensus rating of “Moderate Buy” and an average price target of $16.63.

Erasca Stock Performance

The company has a market capitalization of $6.76 billion, a PE ratio of -49.40 and a beta of 1.04. The business’s 50-day moving average is $15.66 and its 200-day moving average is $8.62.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Thursday, March 12th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. Analysts expect that Erasca, Inc. will post -0.51 EPS for the current year.

Insider Activity

In other Erasca news, insider Ebun Garner sold 80,000 shares of Erasca stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $16.40, for a total value of $1,312,000.00. Following the completion of the transaction, the insider directly owned 25,076 shares of the company’s stock, valued at approximately $411,246.40. The trade was a 76.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 dated Wednesday, March 4th. The stock was sold at an average price of $15.04, for a total transaction of $300,800.00. The SEC filing for this sale provides additional information. 14.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. EntryPoint Capital LLC purchased a new position in Erasca in the fourth quarter worth about $38,000. Stifel Financial Corp bought a new position in Erasca during the fourth quarter valued at approximately $38,000. XTX Topco Ltd bought a new position in Erasca during the fourth quarter valued at approximately $40,000. Mariner LLC bought a new position in Erasca during the fourth quarter valued at approximately $40,000. Finally, Cibc World Markets Corp bought a new position in Erasca during the fourth quarter valued at approximately $43,000. 67.78% of the stock is owned by hedge funds and other institutional investors.

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.