Erasca (NASDAQ:ERAS) Trading 10.5% Higher – Time to Buy?

Erasca, Inc. (NASDAQ:ERAS) shares were up 10.5% during mid-day trading on Wednesday . The company traded as high as $12.43 and last traded at $12.7020. Approximately 596,829 shares changed 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

Several research analysts recently weighed in on ERAS shares. Piper Sandler boosted their price target on shares of Erasca from $11.00 to $18.00 and gave the stock an “overweight” rating in a report on Friday, March 13th. Stifel Nicolaus lifted their target price on shares of Erasca from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Citigroup restated a “buy” rating on shares of Erasca in a research note on Friday, March 13th. Wall Street Zen lowered Erasca from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Guggenheim increased their price target on Erasca from $12.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, March 16th. Seven equities research analysts have rated the stock with 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 presently has an average rating of “Moderate Buy” and a consensus target price of $18.75.

Erasca Trading Down 2.2%

The company’s fifty day moving average is $14.61 and its 200 day moving average is $10.19. The company has a market capitalization of $3.79 billion, a P/E ratio of -13.12 and a beta of 0.68.

Erasca (NASDAQ:ERAS) last posted its earnings results on Monday, May 11th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.48). Equities research analysts predict that Erasca, Inc. will post -0.55 EPS for the current year.

Insider Buying and Selling

In other news, insider Shannon Morris sold 20,000 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $15.04, for a total transaction of $300,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ebun Garner sold 80,000 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $16.40, for a total value of $1,312,000.00. Following the completion of the sale, the insider owned 25,076 shares in the company, valued at $411,246.40. This trade represents a 76.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 14.20% of the company’s stock.

Hedge Funds Weigh In On Erasca

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets lifted its holdings in shares of Erasca by 58.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock worth $27,000 after acquiring an additional 7,923 shares during the last quarter. EP Wealth Advisors LLC bought a new position in Erasca in the second quarter valued at $29,000. Russell Investments Group Ltd. purchased a new stake in Erasca during the third quarter valued at about $31,000. SG Americas Securities LLC bought a new stake in Erasca during the third quarter worth about $32,000. Finally, EntryPoint Capital LLC bought a new stake in Erasca during the fourth quarter worth about $38,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.

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.