Erasca (NASDAQ:ERAS) Stock Price Up 10.3% Following Better-Than-Expected Earnings

Erasca, Inc. (NASDAQ:ERAS)’s share price rose 10.3% on Thursday following a stronger than expected earnings report. The company traded as high as $14.94 and last traded at $14.89. Approximately 4,689,563 shares were traded during trading, a decline of 27% from the average daily volume of 6,459,411 shares. The stock had previously closed at $13.50.

The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Stifel Nicolaus set a $20.00 price target on Erasca in a research note on Tuesday, March 10th. Citigroup reissued a “buy” rating on shares of Erasca in a research note on Friday, March 13th. JPMorgan Chase & Co. raised their target price on Erasca from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Wednesday. Guggenheim lifted their target price on Erasca from $12.00 to $20.00 and gave the company a “buy” rating in a research report on Monday. Finally, Mizuho upped their price target on Erasca from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, March 13th. Nine 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. According to MarketBeat, Erasca has a consensus rating of “Moderate Buy” and an average target price of $14.10.

Insider Transactions at Erasca

In other news, General Counsel Ebun Garner sold 120,000 shares of the business’s stock in a transaction that occurred 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. The trade was a 82.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Shannon Morris sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $15.04, for a total value of $300,800.00. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 14.40% of the company’s stock.

Institutional Trading of Erasca

A number of hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets boosted its position in Erasca by 58.0% in the second quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock worth $27,000 after purchasing an additional 7,923 shares during the last quarter. EP Wealth Advisors LLC purchased a new stake in shares of Erasca during the 2nd quarter valued at $29,000. Russell Investments Group Ltd. purchased a new stake in shares of Erasca during the 3rd quarter valued at $31,000. SG Americas Securities LLC bought a new stake in shares of Erasca during the 3rd quarter worth $32,000. Finally, Crowley Wealth Management Inc. bought a new stake in shares of Erasca during the 3rd quarter worth $33,000. 67.78% of the stock is currently owned by institutional investors.

Erasca Trading Up 13.0%

The stock’s fifty day moving average is $12.00 and its two-hundred day moving average is $5.90. The company has a market capitalization of $4.74 billion, a PE ratio of -34.68 and a beta of 1.16.

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.