Erasca (NASDAQ:ERAS) Trading Up 12.6% – Time to Buy?

Erasca, Inc. (NASDAQ:ERAS) shares shot up 12.6% during mid-day trading on Monday . The company traded as high as $17.86 and last traded at $18.03. 5,143,974 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 6,741,895 shares. The stock had previously closed at $16.01.

Analyst Ratings Changes

A number of brokerages have recently commented on ERAS. Stifel Nicolaus upped their price target on Erasca from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Wall Street Zen downgraded shares of Erasca from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Mizuho cut their target price on shares of Erasca from $28.00 to $26.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Bank of America upgraded shares of Erasca from an “underperform” rating to a “neutral” rating and upped their target price for the company from $9.00 to $16.00 in a research note on Thursday, June 4th. Finally, HC Wainwright increased their price target on shares of Erasca from $15.00 to $20.00 and gave the company a “buy” rating in a report on Friday, March 13th. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.11.

Erasca Trading Up 13.8%

The company has a market cap of $5.67 billion, a price-to-earnings ratio of -19.55 and a beta of 0.73. The company has a fifty day moving average price of $13.65 and a two-hundred day moving average price of $11.82.

Erasca (NASDAQ:ERAS) last issued its earnings results on Monday, May 11th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.48). Sell-side analysts anticipate that Erasca, Inc. will post -0.55 EPS for the current fiscal year.

Insider Activity at Erasca

In other news, insider Ebun Garner sold 80,000 shares of Erasca stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $16.40, for a total transaction of $1,312,000.00. Following the sale, the insider directly owned 25,076 shares in the company, valued at approximately $411,246.40. The trade was a 76.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 14.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ERAS. SG Americas Securities LLC grew its stake in shares of Erasca by 233.3% in the 4th 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 period. Spruce Street Capital LP bought a new position in shares of Erasca during the 4th quarter worth approximately $14,469,000. Palumbo Wealth Management LLC lifted its position in shares of Erasca by 11.9% during the 4th quarter. Palumbo Wealth Management LLC now owns 139,385 shares of the company’s stock worth $519,000 after buying an additional 14,852 shares during the period. Wealthcare Advisory Partners LLC acquired a new stake in Erasca in the 4th quarter valued at $56,000. Finally, Baader Bank Aktiengesellschaft bought a new stake in Erasca in the first quarter valued at $291,000. 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.