Erasca, Inc. (NASDAQ:ERAS) Sees Large Increase in Short Interest

Erasca, Inc. (NASDAQ:ERAS) saw a significant growth in short interest in December. As of December 31st, there was short interest totaling 20,487,523 shares, a growth of 20.8% from the December 15th total of 16,962,442 shares. Based on an average trading volume of 2,652,389 shares, the short-interest ratio is presently 7.7 days. Approximately 8.4% of the shares of the stock are short sold. Approximately 8.4% of the shares of the stock are short sold. Based on an average trading volume of 2,652,389 shares, the short-interest ratio is presently 7.7 days.

Erasca Price Performance

Shares of NASDAQ ERAS opened at $9.81 on Wednesday. Erasca has a 1 year low of $1.01 and a 1 year high of $10.42. The stock has a market capitalization of $2.78 billion, a P/E ratio of -21.80 and a beta of 1.15. The company’s 50-day moving average is $4.17 and its 200 day moving average is $2.67.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). Research analysts anticipate that Erasca will post -0.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

ERAS has been the subject of several research reports. Guggenheim upped their target price on Erasca from $3.00 to $5.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research note on Wednesday, October 8th. Piper Sandler increased their target price on shares of Erasca from $5.00 to $11.00 and gave the company an “overweight” rating in a report on Friday. HC Wainwright boosted their price target on shares of Erasca from $6.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Finally, Mizuho raised their price objective on Erasca from $4.00 to $5.00 and gave the company an “outperform” rating in a research note on Tuesday, December 9th. 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 stock. According to data from MarketBeat.com, Erasca has a consensus rating of “Moderate Buy” and an average price target of $6.11.

Insider Buying and Selling

In other Erasca news, General Counsel Ebun Garner sold 120,000 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $5.59, for a total transaction of $670,800.00. Following the sale, the general counsel owned 25,076 shares in the company, valued at $140,174.84. This trade represents a 82.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 14.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Erasca

A number of institutional investors have recently added to or reduced their stakes in ERAS. Captrust Financial Advisors boosted its holdings in shares of Erasca by 13.6% during the 2nd quarter. Captrust Financial Advisors now owns 54,111 shares of the company’s stock valued at $69,000 after buying an additional 6,486 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Erasca by 58.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock valued at $27,000 after acquiring an additional 7,923 shares during the period. New York State Common Retirement Fund grew its holdings in Erasca by 39.1% in the second quarter. New York State Common Retirement Fund now owns 37,360 shares of the company’s stock worth $47,000 after purchasing an additional 10,501 shares during the period. Sio Capital Management LLC increased its stake in shares of Erasca by 1.0% during the second quarter. Sio Capital Management LLC now owns 1,369,748 shares of the company’s stock valued at $1,740,000 after purchasing an additional 13,562 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in shares of Erasca during the third quarter valued at approximately $31,000. 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.