Erasca (NASDAQ:ERAS) Trading 12.6% Higher – Here’s Why

Shares of Erasca, Inc. (NASDAQ:ERAS) shot up 12.6% during trading on Monday . The company traded as high as $17.86 and last traded at $18.03. 5,143,974 shares changed hands during trading, a decline of 24% from the average session volume of 6,741,895 shares. The stock had previously closed at $16.01.

Wall Street Analysts Forecast Growth

ERAS has been the topic of a number of recent analyst reports. Citigroup restated a “buy” rating on shares of Erasca in a report on Friday, March 13th. Wolfe Research set a $16.00 price objective on shares of Erasca in a research report on Thursday, June 4th. Piper Sandler boosted 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. Bank of America upgraded Erasca from an “underperform” rating to a “neutral” rating and increased their target price for the company from $9.00 to $16.00 in a report on Thursday, June 4th. Finally, Guggenheim raised their target price on Erasca from $12.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, March 16th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.11.

Erasca Price Performance

The stock has a market capitalization of $5.67 billion, a P/E ratio of -19.55 and a beta of 0.73. The stock’s fifty day moving average is $13.65 and its 200-day moving average is $11.82.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings results 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, research analysts expect that Erasca, Inc. will post -0.55 EPS for the current year.

Insiders Place Their Bets

In other Erasca news, insider Ebun Garner sold 80,000 shares of the company’s 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 $411,246.40. This represents a 76.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 14.20% of the company’s stock.

Hedge Funds Weigh In On Erasca

A number of institutional investors have recently modified their holdings of the company. SG Americas Securities LLC raised its holdings in Erasca by 233.3% in the 4th quarter. SG Americas Securities LLC now owns 48,677 shares of the company’s stock worth $181,000 after acquiring an additional 34,072 shares during the period. Spruce Street Capital LP acquired a new stake in shares of Erasca in the fourth quarter valued at about $14,469,000. Russell Investments Group Ltd. acquired a new stake in shares of Erasca in the third quarter valued at about $31,000. EP Wealth Advisors LLC bought a new position in shares of Erasca in the second quarter worth about $29,000. Finally, Bank of New York Mellon Corp increased its stake in shares of Erasca by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 559,629 shares of the company’s stock worth $9,055,000 after purchasing an additional 12,853 shares during the period. 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.