Erasca (NASDAQ:ERAS) Trading 8.2% Higher – Here’s What Happened

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Guggenheim lifted their price target on Erasca from $12.00 to $20.00 and gave the company a “buy” rating in a report on Monday, March 16th. JPMorgan Chase & Co. lifted their price target on Erasca from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Wednesday, March 18th. Citigroup reiterated a “buy” rating on shares of Erasca in a report on Friday, March 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a report on Thursday, January 22nd. Finally, Stifel Nicolaus lifted their price target on Erasca from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, April 27th. 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 data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $18.75.

Erasca Trading Up 8.5%

The company has a fifty day moving average of $15.03 and a two-hundred day moving average of $9.74. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of -12.05 and a beta of 0.68.

Erasca (NASDAQ:ERAS) last issued its quarterly 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). As a group, sell-side analysts predict that Erasca, Inc. will post -0.55 earnings per share for the current fiscal year.

Insider Activity at Erasca

In other Erasca news, insider Shannon Morris sold 20,000 shares of Erasca stock in a transaction that occurred 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 filing with the SEC, which is available through this link. Also, insider Ebun Garner sold 80,000 shares of Erasca stock in a transaction that occurred 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 transaction, the insider directly owned 25,076 shares in the company, valued at approximately $411,246.40. This represents a 76.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 14.20% of the company’s stock.

Institutional Trading of Erasca

A number of institutional investors and hedge funds have recently modified their holdings of ERAS. SG Americas Securities LLC grew its position 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 acquiring an additional 34,072 shares during the period. Palumbo Wealth Management LLC grew its position in Erasca by 11.9% in the fourth quarter. Palumbo Wealth Management LLC now owns 139,385 shares of the company’s stock valued at $519,000 after acquiring an additional 14,852 shares during the period. Wealthcare Advisory Partners LLC bought a new stake in Erasca in the fourth quarter valued at $56,000. New York State Common Retirement Fund grew its position in Erasca by 61.8% in the third quarter. New York State Common Retirement Fund now owns 60,452 shares of the company’s stock valued at $132,000 after acquiring an additional 23,092 shares during the period. Finally, Strs Ohio acquired a new position in Erasca in the first quarter worth $534,000. 67.78% of the stock is currently owned by institutional investors.

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.