Erasca (NASDAQ:ERAS) Trading Up 7.7% Following Analyst Upgrade

Erasca, Inc. (NASDAQ:ERAS)’s share price traded up 7.7% on Wednesday after HC Wainwright raised their price target on the stock from $6.00 to $11.00. HC Wainwright currently has a buy rating on the stock. Erasca traded as high as $8.31 and last traded at $8.0890. 1,859,162 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 10,915,956 shares. The stock had previously closed at $7.51.

A number of other equities research analysts also recently weighed in on ERAS. Stifel Nicolaus set a $10.00 price target on Erasca in a report on Monday. Mizuho boosted their target price on shares of Erasca from $4.00 to $5.00 and gave the company an “outperform” rating in a research note on Tuesday, December 9th. Piper Sandler initiated coverage on shares of Erasca in a research report on Wednesday, January 7th. They issued an “overweight” rating and a $5.00 price target on the stock. Guggenheim lifted their price target on shares of Erasca from $3.00 to $5.00 and gave the company a “buy” rating in a report on Friday, November 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a research note on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.44.

Insider Activity at Erasca

In other news, General Counsel Ebun Garner sold 120,000 shares of the company’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $5.59, for a total transaction of $670,800.00. Following the completion of the transaction, the general counsel owned 25,076 shares in the company, valued at approximately $140,174.84. This represents a 82.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 14.40% of the company’s stock.

Institutional Investors Weigh In On Erasca

Hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC grew 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 buying an additional 339,177 shares in the last quarter. Palumbo Wealth Management LLC boosted its position in Erasca by 178.0% during the 2nd quarter. Palumbo Wealth Management LLC now owns 120,466 shares of the company’s stock worth $153,000 after acquiring an additional 77,135 shares during the period. Vanguard Personalized Indexing Management LLC grew its stake in shares of Erasca by 130.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 36,362 shares of the company’s stock worth $46,000 after purchasing an additional 20,558 shares in the last quarter. Savant Capital LLC bought a new position in shares of Erasca in the second quarter worth $87,000. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Erasca during the second quarter valued at $45,000. Institutional investors own 67.78% of the company’s stock.

Erasca Stock Up 10.7%

The firm has a market capitalization of $2.36 billion, a P/E ratio of -18.47 and a beta of 1.15. The business’s 50 day moving average is $3.58 and its two-hundred day moving average is $2.42.

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

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.