Erasca, Inc. Expected to Earn Q2 2024 Earnings of ($0.17) Per Share (NASDAQ:ERAS)

Erasca, Inc. (NASDAQ:ERAS) – Capital One Financial raised their Q2 2024 earnings per share estimates for shares of Erasca in a note issued to investors on Monday, May 20th. Capital One Financial analyst N. Quibria now forecasts that the company will earn ($0.17) per share for the quarter, up from their previous estimate of ($0.26). Capital One Financial has a “Overweight” rating and a $8.00 price target on the stock. The consensus estimate for Erasca’s current full-year earnings is ($0.77) per share. Capital One Financial also issued estimates for Erasca’s Q3 2024 earnings at ($0.17) EPS, Q4 2024 earnings at ($0.17) EPS, FY2024 earnings at ($0.71) EPS, Q1 2025 earnings at ($0.17) EPS, Q2 2025 earnings at ($0.18) EPS, Q3 2025 earnings at ($0.19) EPS, Q4 2025 earnings at ($0.20) EPS, FY2025 earnings at ($0.74) EPS, FY2026 earnings at ($0.84) EPS, FY2027 earnings at ($0.90) EPS and FY2028 earnings at ($0.55) EPS.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02).

ERAS has been the topic of a number of other research reports. The Goldman Sachs Group increased their target price on Erasca from $6.00 to $7.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. HC Wainwright decreased their price objective on shares of Erasca from $8.00 to $5.00 and set a “buy” rating for the company in a report on Monday, May 20th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $7.33.

Erasca Stock Performance

Shares of NASDAQ ERAS opened at $2.63 on Thursday. Erasca has a fifty-two week low of $1.51 and a fifty-two week high of $3.38. The company has a market cap of $455.94 million, a price-to-earnings ratio of -3.13 and a beta of 1.06. The business’s 50 day moving average price is $2.08 and its 200-day moving average price is $2.03.

Insider Activity

In other Erasca news, Director Alexander W. Casdin acquired 80,000 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were purchased at an average cost of $2.27 per share, for a total transaction of $181,600.00. Following the completion of the purchase, the director now owns 573,974 shares in the company, valued at $1,302,920.98. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 21.50% of the company’s stock.

Hedge Funds Weigh In On Erasca

Large investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC grew its position in shares of Erasca by 286.5% in the 1st quarter. Acadian Asset Management LLC now owns 346,953 shares of the company’s stock worth $713,000 after buying an additional 257,174 shares during the last quarter. Vanguard Group Inc. grew its holdings in Erasca by 14.4% in the first quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock worth $8,937,000 after purchasing an additional 545,765 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Erasca during the first quarter worth $216,000. CVI Holdings LLC purchased a new stake in shares of Erasca during the 1st quarter valued at $3,000,000. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of Erasca by 66.1% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 29,013 shares of the company’s stock valued at $60,000 after purchasing an additional 11,541 shares during the last quarter. 67.78% of the stock is currently owned by institutional investors.

Erasca Company Profile

Erasca, Inc, a clinical-stage precision oncology company, focuses on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company's lead product is naporafenib which is in phase 1b trial for patients with RAS Q16X solid tumors and plans to initiate a pivotal Phase 3 trial for patients with NRASm melanoma.