Erasca (NASDAQ:ERAS) Trading Up 7.7% After Analyst Upgrade

Erasca, Inc. (NASDAQ:ERAS) traded up 7.7% during trading on Wednesday after HC Wainwright raised their price target on the stock from $6.00 to $11.00. HC Wainwright currently has a buy rating on the stock. Erasca traded as high as $8.31 and last traded at $8.0890. 1,859,162 shares were traded during trading, a decline of 83% from the average session volume of 10,915,956 shares. The stock had previously closed at $7.51.

A number of other brokerages have also issued reports on ERAS. Morgan Stanley set a $4.00 target price on Erasca in a research report on Thursday, January 8th. Mizuho upped their price target on shares of Erasca from $4.00 to $5.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 9th. Stifel Nicolaus set a $10.00 price objective on shares of Erasca in a report on Monday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a report on Wednesday, October 8th. Finally, Piper Sandler assumed coverage on Erasca in a research report on Wednesday, January 7th. They set an “overweight” rating and a $5.00 target price on the stock. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Erasca currently has an average rating of “Moderate Buy” and an average target price of $5.44.

Insider Activity at Erasca

In other Erasca news, General Counsel Ebun Garner sold 120,000 shares of the business’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $5.59, for a total value of $670,800.00. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 14.40% of the company’s stock.

Institutional Investors Weigh In On Erasca

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC grew its holdings in Erasca by 233.3% during the fourth quarter. SG Americas Securities LLC now owns 48,677 shares of the company’s stock worth $181,000 after purchasing an additional 34,072 shares during the period. CIBC Bancorp USA Inc. acquired a new stake in Erasca during the third quarter worth approximately $40,000. Vivo Capital LLC increased its holdings in Erasca by 37.2% in the 3rd quarter. Vivo Capital LLC now owns 9,273,428 shares of the company’s stock valued at $20,216,000 after buying an additional 2,516,672 shares during the period. Paradigm Biocapital Advisors LP boosted its stake in Erasca by 13.9% in the third quarter. Paradigm Biocapital Advisors LP now owns 13,560,017 shares of the company’s stock valued at $29,561,000 after buying an additional 1,652,835 shares in the last quarter. Finally, Creative Planning grew its stake in shares of Erasca by 43.4% during the third quarter. Creative Planning now owns 350,314 shares of the company’s stock worth $764,000 after buying an additional 105,982 shares during the last quarter. Institutional investors own 67.78% of the company’s stock.

Erasca Price Performance

The stock has a market capitalization of $2.31 billion, a P/E ratio of -17.98 and a beta of 1.15. The firm has a 50-day simple moving average of $3.46 and a 200 day simple moving average of $2.38.

Erasca (NASDAQ:ERAS) last issued its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.11). Sell-side analysts anticipate that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

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.