Erasca (NASDAQ:ERAS) Shares Gap Down – Here’s Why

Erasca, Inc. (NASDAQ:ERAS) gapped down prior to trading on Wednesday . The stock had previously closed at $9.81, but opened at $9.20. Erasca shares last traded at $8.9790, with a volume of 1,922,288 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ERAS shares. Stifel Nicolaus set a $10.00 price objective on Erasca in a report on Monday, January 12th. Morgan Stanley set a $4.00 price target on shares of Erasca in a research note on Thursday, January 8th. Mizuho lifted their price objective on shares of Erasca from $4.00 to $5.00 and gave the company an “outperform” rating in a research note on Tuesday, December 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Erasca in a research report on Wednesday, October 8th. Finally, HC Wainwright boosted their price target on Erasca from $6.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.11.

Erasca Stock Down 0.5%

The company has a 50-day moving average price of $4.17 and a 200-day moving average price of $2.67. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of -21.77 and a beta of 1.15.

Erasca (NASDAQ:ERAS) last announced its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). Equities analysts expect that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Insiders Place Their Bets

In related 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 transaction, the general counsel directly owned 25,076 shares in the company, valued at $140,174.84. The trade was a 82.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 14.40% of the stock is currently owned by company insiders.

Institutional Trading of Erasca

A number of institutional investors and hedge funds have recently modified their holdings of ERAS. BNP Paribas Financial Markets lifted its position in Erasca by 58.0% in the second quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock worth $27,000 after purchasing an additional 7,923 shares during the period. EP Wealth Advisors LLC acquired a new position in shares of Erasca in the 2nd quarter valued at $29,000. Russell Investments Group Ltd. bought a new position in shares of Erasca during the 3rd quarter worth about $31,000. SG Americas Securities LLC acquired a new stake in shares of Erasca during the 3rd quarter valued at about $32,000. Finally, Crowley Wealth Management Inc. acquired a new position in Erasca in the third quarter worth about $33,000. 67.78% of the stock is currently owned by 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.