Erasca (NASDAQ:ERAS) Earns Overweight Rating from Analysts at Piper Sandler

Piper Sandler started coverage on shares of Erasca (NASDAQ:ERAS) in a research note released on Wednesday morning, Marketbeat Ratings reports. The firm issued an overweight rating and a $5.00 target price on the stock.

ERAS has been the topic of a number of other research reports. Stifel Nicolaus set a $6.00 target price on Erasca in a report on Thursday, November 6th. Mizuho increased their price objective on shares of Erasca from $4.00 to $5.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 9th. Guggenheim raised their price objective on shares of Erasca from $3.00 to $5.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a report on Wednesday, October 8th. Finally, Morgan Stanley set a $4.00 price target on shares of Erasca in a research note on Thursday. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Erasca presently has an average rating of “Moderate Buy” and a consensus price target of $4.44.

Erasca Trading Up 16.4%

Shares of ERAS stock opened at $6.76 on Wednesday. Erasca has a 12-month low of $1.01 and a 12-month high of $6.85. The stock has a market capitalization of $1.92 billion, a P/E ratio of -15.02 and a beta of 1.15. The firm’s 50 day moving average is $3.28 and its 200 day moving average is $2.29.

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

Insider Activity

In other news, General Counsel Ebun Garner sold 120,000 shares of the stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $5.59, for a total value of $670,800.00. Following the completion of the sale, the general counsel directly owned 25,076 shares of the company’s stock, valued at $140,174.84. This 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 at this hyperlink. 14.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ERAS. Vivo Capital LLC raised its holdings in Erasca by 37.2% during the third quarter. Vivo Capital LLC now owns 9,273,428 shares of the company’s stock valued at $20,216,000 after acquiring an additional 2,516,672 shares during the period. Paradigm Biocapital Advisors LP grew its position in shares of Erasca by 13.9% during the third quarter. Paradigm Biocapital Advisors LP now owns 13,560,017 shares of the company’s stock worth $29,561,000 after purchasing an additional 1,652,835 shares in the last quarter. VR Adviser LLC raised its stake in Erasca by 10.1% during the 2nd quarter. VR Adviser LLC now owns 17,857,083 shares of the company’s stock valued at $22,678,000 after purchasing an additional 1,640,867 shares during the period. Affinity Asset Advisors LLC lifted its holdings in Erasca by 22.3% in the 2nd quarter. Affinity Asset Advisors LLC now owns 4,085,787 shares of the company’s stock worth $5,189,000 after purchasing an additional 744,268 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Erasca by 594.8% in the 1st quarter. AQR Capital Management LLC now owns 396,202 shares of the company’s stock worth $543,000 after purchasing an additional 339,177 shares in the last quarter. Institutional investors own 67.78% of the company’s stock.

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.