Short Interest in Erasca, Inc. (NASDAQ:ERAS) Grows By 20.8%

Erasca, Inc. (NASDAQ:ERAS) was the target of a large increase in short interest in December. As of December 31st, there was short interest totaling 20,487,523 shares, an increase of 20.8% from the December 15th total of 16,962,442 shares. Approximately 8.4% of the shares of the company are short sold. Based on an average trading volume of 2,652,389 shares, the short-interest ratio is presently 7.7 days. Based on an average trading volume of 2,652,389 shares, the short-interest ratio is presently 7.7 days. Approximately 8.4% of the shares of the company are short sold.

Erasca Trading Up 0.6%

ERAS stock traded up $0.06 during trading on Monday, hitting $9.62. The company had a trading volume of 11,683,155 shares, compared to its average volume of 7,218,024. The business has a 50 day moving average of $3.87 and a 200 day moving average of $2.55. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of -21.38 and a beta of 1.15. Erasca has a fifty-two week low of $1.01 and a fifty-two week high of $9.87.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, hitting analysts’ consensus estimates of ($0.11). As a group, equities analysts predict that Erasca will post -0.73 EPS for the current year.

Wall Street Analysts Forecast Growth

ERAS has been the subject of a number of analyst reports. Piper Sandler boosted their price objective on Erasca from $5.00 to $11.00 and gave the company an “overweight” rating in a research report on Friday. Morgan Stanley set a $4.00 price target on shares of Erasca in a 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Erasca from a “sell” rating to a “hold” rating in a research note on Sunday, September 21st. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Erasca currently has an average rating of “Moderate Buy” and a consensus target price of $6.11.

Insider Transactions at Erasca

In related news, General Counsel Ebun Garner sold 120,000 shares of the firm’s stock in a transaction on 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. This trade represents a 82.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 14.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Erasca

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

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.