Erasca (NASDAQ:ERAS) Shares Down 6.7% – Time to Sell?

Erasca, Inc. (NASDAQ:ERAS) shares were down 6.7% on Monday . The stock traded as low as $6.06 and last traded at $6.3050. Approximately 962,976 shares were traded during trading, a decline of 92% from the average daily volume of 11,811,491 shares. The stock had previously closed at $6.76.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ERAS shares. HC Wainwright lifted their price objective on Erasca from $6.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Erasca in a research report on Wednesday, October 8th. Wall Street Zen upgraded Erasca from a “sell” rating to a “hold” rating in a research report on Sunday, September 21st. Guggenheim raised their price objective on Erasca from $3.00 to $5.00 and gave the company a “buy” rating in a report on Friday, November 14th. Finally, Piper Sandler began coverage on shares of Erasca in a report on Wednesday, January 7th. They set an “overweight” rating and a $5.00 target price for the company. 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.com, the company currently has an average rating of “Moderate Buy” and an average target price of $5.44.

Erasca Price Performance

The stock has a 50 day simple moving average of $3.58 and a two-hundred day simple moving average of $2.42. The company has a market cap of $2.36 billion, a price-to-earnings ratio of -18.47 and a beta of 1.15.

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

Insiders Place Their Bets

In other news, General Counsel Ebun Garner sold 120,000 shares of the stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $5.59, for a total value of $670,800.00. Following the completion of the sale, the general counsel owned 25,076 shares of the company’s stock, valued at $140,174.84. This represents a 82.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 14.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ERAS. BNP Paribas Financial Markets raised 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 valued at $27,000 after purchasing an additional 7,923 shares during the period. EP Wealth Advisors LLC purchased a new stake in Erasca in the 2nd quarter valued at about $29,000. Russell Investments Group Ltd. purchased a new position in Erasca during the third quarter worth about $31,000. SG Americas Securities LLC acquired a new stake in shares of Erasca during the third quarter valued at about $32,000. Finally, Crowley Wealth Management Inc. purchased a new stake in shares of Erasca in the 3rd quarter valued at approximately $33,000. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

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.