Erasca, Inc. (NASDAQ:ERAS) Short Interest Up 30.0% in January

Erasca, Inc. (NASDAQ:ERAS) was the target of a significant increase in short interest in January. As of January 15th, there was short interest totaling 26,637,035 shares, an increase of 30.0% from the December 31st total of 20,487,523 shares. Based on an average daily trading volume, of 12,081,005 shares, the days-to-cover ratio is currently 2.2 days. Currently, 11.0% of the shares of the stock are sold short. Currently, 11.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 12,081,005 shares, the days-to-cover ratio is currently 2.2 days.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Guggenheim restated a “buy” rating and set a $12.00 price target on shares of Erasca in a research report on Tuesday, January 27th. HC Wainwright raised their price target on Erasca from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Stifel Nicolaus set a $10.00 price target on Erasca in a research note on Monday, January 12th. Morgan Stanley set a $10.00 price objective on Erasca in a research note on Monday, January 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research note on Thursday, January 22nd. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $9.22.

Insider Buying and Selling at Erasca

In other news, General Counsel Ebun Garner sold 120,000 shares of the business’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $5.59, for a total transaction of $670,800.00. Following the completion of the transaction, the general counsel owned 25,076 shares of the company’s stock, valued at approximately $140,174.84. The trade was a 82.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.40% of the stock is currently owned by insiders.

Institutional Trading of Erasca

A number of institutional investors have recently made changes to their positions in ERAS. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Erasca by 25.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,787 shares of the company’s stock worth $51,000 after buying an additional 2,820 shares during the last quarter. Captrust Financial Advisors boosted its stake in shares of Erasca by 13.6% during the 2nd quarter. Captrust Financial Advisors now owns 54,111 shares of the company’s stock worth $69,000 after acquiring an additional 6,486 shares during the last quarter. BNP Paribas Financial Markets boosted its stake 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. New York State Common Retirement Fund grew its position in shares of Erasca by 39.1% during the 2nd quarter. New York State Common Retirement Fund now owns 37,360 shares of the company’s stock valued at $47,000 after acquiring an additional 10,501 shares during the period. Finally, Sio Capital Management LLC increased its stake in shares of 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 purchasing an additional 13,562 shares in the last quarter. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Erasca Stock Performance

Shares of ERAS opened at $10.59 on Wednesday. Erasca has a fifty-two week low of $1.01 and a fifty-two week high of $11.00. The firm’s 50-day simple moving average is $5.66 and its two-hundred day simple moving average is $3.28. The stock has a market cap of $3.28 billion, a PE ratio of -23.53 and a beta of 1.21.

Erasca (NASDAQ:ERAS) last released its earnings results on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, hitting analysts’ consensus estimates of ($0.11). Equities research analysts predict that Erasca will post -0.73 EPS for the current year.

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.