Erasca (NASDAQ:ERAS) Given New $25.00 Price Target at JPMorgan Chase & Co.

Erasca (NASDAQ:ERAS) had its target price hoisted by JPMorgan Chase & Co. from $24.00 to $25.00 in a research note released on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities analysts have also commented on the stock. Mizuho boosted their price objective on shares of Erasca from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, March 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research report on Thursday, January 22nd. Piper Sandler boosted their price target on Erasca from $11.00 to $18.00 and gave the stock an “overweight” rating in a research note on Friday, March 13th. Stifel Nicolaus set a $20.00 price target on Erasca in a report on Tuesday, March 10th. Finally, Citigroup restated a “buy” rating on shares of Erasca in a research note on Friday, March 13th. Nine research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Erasca currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.10.

Erasca Stock Up 1.0%

ERAS opened at $13.50 on Wednesday. The firm has a market capitalization of $4.20 billion, a P/E ratio of -30.68 and a beta of 1.16. The firm’s 50 day moving average is $11.81 and its 200-day moving average is $5.84. Erasca has a 52-week low of $1.01 and a 52-week high of $16.41.

Erasca (NASDAQ:ERAS) last announced its earnings results on Thursday, March 19th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.01. Equities analysts expect that Erasca will post -0.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Shannon Morris sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $15.04, for a total transaction of $300,800.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Ebun Garner sold 120,000 shares of the firm’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $5.59, for a total value of $670,800.00. Following the transaction, 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 SEC filing for this sale provides additional information. 14.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ERAS. BNP Paribas Financial Markets grew its position in shares of 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 buying an additional 7,923 shares during the last quarter. EP Wealth Advisors LLC bought a new position in Erasca in the second quarter worth about $29,000. Russell Investments Group Ltd. acquired a new position in Erasca in the third quarter valued at approximately $31,000. SG Americas Securities LLC acquired a new position in Erasca in the third quarter valued at approximately $32,000. Finally, Crowley Wealth Management Inc. bought a new position in shares of Erasca during the third quarter valued at approximately $33,000. 67.78% of the stock is owned by institutional investors and hedge funds.

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.