Erasca (NASDAQ:ERAS) Stock Price Up 9.9% – Still a Buy?

Erasca, Inc. (NASDAQ:ERAS) shares were up 9.9% during mid-day trading on Tuesday . The company traded as high as $17.21 and last traded at $17.9260. Approximately 698,361 shares traded hands during trading, a decline of 89% from the average daily volume of 6,322,667 shares. The stock had previously closed at $16.31.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ERAS shares. Morgan Stanley set a $10.00 price objective on Erasca in a report on Monday, January 26th. JPMorgan Chase & Co. boosted their target price on Erasca from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 18th. Stifel Nicolaus set a $20.00 price target on Erasca in a report on Tuesday, March 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a research report on Thursday, January 22nd. Finally, Piper Sandler boosted their price objective on Erasca from $11.00 to $18.00 and gave the stock an “overweight” rating in a report on Friday, March 13th. Seven research 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.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.63.

Erasca Stock Performance

The firm has a 50-day moving average of $14.31 and a 200-day moving average of $7.70. The firm has a market capitalization of $5.55 billion, a P/E ratio of -40.70 and a beta of 1.04.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Thursday, March 19th. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. Equities analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Insider Buying and Selling at Erasca

In related news, insider Shannon Morris sold 20,000 shares of Erasca stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $15.04, for a total value of $300,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $1,312,000.00. Following the completion of the sale, the insider directly owned 25,076 shares of the company’s stock, valued at $411,246.40. The trade was a 76.14% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 14.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Erasca

A number of hedge funds have recently made changes to their positions in ERAS. Cibc World Markets Corp purchased a new stake in shares of Erasca in the fourth quarter worth about $43,000. Mariner LLC purchased a new stake in shares of Erasca in the fourth quarter worth about $40,000. XTX Topco Ltd purchased a new stake in shares of Erasca in the fourth quarter worth about $40,000. Stifel Financial Corp purchased a new stake in shares of Erasca in the fourth quarter worth about $38,000. Finally, EntryPoint Capital LLC purchased a new stake in shares of Erasca in the fourth quarter worth about $38,000. 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.