Erasca (NASDAQ:ERAS) Coverage Initiated by Analysts at Mizuho

Mizuho began coverage on shares of Erasca (NASDAQ:ERAS) in a report issued on Tuesday morning. The firm issued an outperform rating and a $16.00 price objective on the stock.

Other equities analysts also recently issued research reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Erasca in a research note on Thursday, January 22nd. Guggenheim reissued a “buy” rating and set a $12.00 target price on shares of Erasca in a research note on Tuesday. Morgan Stanley set a $10.00 price target on Erasca in a report on Monday. HC Wainwright lifted their price objective on Erasca from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Monday. Finally, Piper Sandler upped their target price on shares of Erasca from $5.00 to $11.00 and gave the stock an “overweight” rating in a research note on Friday, January 16th. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.22.

Erasca Trading Up 9.3%

ERAS opened at $10.50 on Tuesday. The stock’s 50-day moving average price is $4.91 and its 200 day moving average price is $2.97. Erasca has a 12-month low of $1.01 and a 12-month high of $10.67. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of -23.33 and a beta of 1.15.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.11). On average, research analysts forecast that Erasca will post -0.73 earnings per share for the current year.

Insider Activity at Erasca

In other 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 of the company’s stock, valued at approximately $140,174.84. This trade represents a 82.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 14.40% of the company’s stock.

Institutional Trading of Erasca

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Affinity Asset Advisors LLC lifted its position in Erasca by 22.3% in the second quarter. Affinity Asset Advisors LLC now owns 4,085,787 shares of the company’s stock valued at $5,189,000 after acquiring an additional 744,268 shares during the last quarter. Frazier Life Sciences Management L.P. lifted its holdings in shares of Erasca by 0.7% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 22,729,436 shares of the company’s stock valued at $28,866,000 after purchasing an additional 153,585 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in shares of Erasca by 130.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 36,362 shares of the company’s stock valued at $46,000 after purchasing an additional 20,558 shares during the period. Savant Capital LLC acquired a new stake in shares of Erasca in the 2nd quarter valued at about $87,000. Finally, Dynamic Technology Lab Private Ltd grew its stake in Erasca by 180.8% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 29,177 shares of the company’s stock worth $37,000 after buying an additional 18,788 shares during the last quarter. Institutional investors and hedge funds 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.