Erasca (NASDAQ:ERAS) Shares Gap Up – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS) shares gapped up prior to trading on Monday . The stock had previously closed at $17.01, but opened at $17.84. Erasca shares last traded at $16.3150, with a volume of 2,966,751 shares trading hands.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ERAS shares. Mizuho increased their price objective on shares of Erasca from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, March 13th. HC Wainwright increased their price objective on shares of Erasca from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, March 13th. Guggenheim increased their price objective on shares of Erasca from $12.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, March 16th. Piper Sandler raised their price target on shares of Erasca from $11.00 to $18.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research report on Thursday, January 22nd. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.63.

Erasca Price Performance

The firm has a market capitalization of $4.79 billion, a P/E ratio of -34.50 and a beta of 1.04. The business’s 50-day moving average is $14.20 and its 200 day moving average is $7.60.

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

Insider Transactions at Erasca

In other Erasca news, insider Shannon Morris sold 20,000 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $15.04, for a total transaction of $300,800.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Ebun Garner sold 80,000 shares of the stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $16.40, for a total transaction of $1,312,000.00. Following the sale, the insider owned 25,076 shares in the company, valued at $411,246.40. The trade was a 76.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 14.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Erasca

Large investors have recently bought and sold shares of the company. EP Wealth Advisors LLC acquired a new stake in Erasca during the second quarter worth about $29,000. BNP Paribas Financial Markets grew 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 worth $27,000 after buying an additional 7,923 shares in the last quarter. Spruce Street Capital LP acquired a new stake in Erasca during the fourth quarter worth about $14,469,000. AXQ Capital LP acquired a new stake in Erasca during the fourth quarter worth about $76,000. Finally, ProShare Advisors LLC grew its stake in Erasca by 11.1% during the fourth quarter. ProShare Advisors LLC now owns 44,216 shares of the company’s stock worth $164,000 after buying an additional 4,430 shares in the last quarter. 67.78% of the stock is currently owned by institutional investors and hedge funds.

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.