Erasca (NASDAQ:ERAS) Shares Up 8.2% – Time to Buy?

Erasca, Inc. (NASDAQ:ERAS) shares traded up 8.2% during trading on Wednesday . The stock traded as high as $11.01 and last traded at $11.1650. 806,783 shares were traded during trading, a decline of 88% from the average session volume of 6,930,173 shares. The stock had previously closed at $10.32.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Piper Sandler boosted their target price on Erasca from $11.00 to $18.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. Mizuho decreased their target price on Erasca from $28.00 to $26.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. HC Wainwright boosted their target price on Erasca from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, March 13th. Wall Street Zen lowered Erasca from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Guggenheim upped their price target on shares of 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 assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.75.

Erasca Trading Down 1.9%

The business has a 50-day moving average price of $14.85 and a 200 day moving average price of $9.86. The stock has a market capitalization of $3.54 billion, a P/E ratio of -12.23 and a beta of 0.68.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.48). On average, sell-side analysts predict that Erasca, Inc. will post -0.55 earnings per share for the current fiscal year.

Insider Buying and Selling at Erasca

In other news, insider Ebun Garner sold 80,000 shares of Erasca stock in a transaction 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 directly owned 25,076 shares in the company, valued at approximately $411,246.40. This trade represents a 76.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Shannon Morris sold 20,000 shares of the firm’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $15.04, for a total value of $300,800.00. Additional details regarding this sale are available in the official SEC disclosure. 14.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Erasca

Several institutional investors have recently made changes to their positions in ERAS. SG Americas Securities LLC grew its stake in Erasca by 233.3% in the fourth quarter. SG Americas Securities LLC now owns 48,677 shares of the company’s stock valued at $181,000 after purchasing an additional 34,072 shares during the last quarter. ADAR1 Capital Management LLC purchased a new position in Erasca in the first quarter valued at about $162,000. Swiss National Bank purchased a new position in Erasca in the first quarter valued at about $5,449,000. EcoR1 Capital LLC purchased a new position in Erasca in the first quarter valued at about $14,562,000. Finally, KBC Group NV purchased a new position in Erasca in the first quarter valued at about $81,000. Hedge funds and other 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.