Erasca (NASDAQ:ERAS) Issues Quarterly Earnings Results

Erasca (NASDAQ:ERAS) issued its earnings results on Thursday. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.01, FiscalAI reports.

Erasca Price Performance

Shares of Erasca stock traded down $0.85 on Thursday, hitting $14.65. The company had a trading volume of 6,983,551 shares, compared to its average volume of 6,596,086. Erasca has a 52 week low of $1.01 and a 52 week high of $16.41. The company has a market cap of $4.54 billion, a PE ratio of -32.56 and a beta of 1.16. The business has a 50-day simple moving average of $10.83 and a 200-day simple moving average of $5.41.

Insider Activity at Erasca

In other news, General Counsel Ebun Garner sold 120,000 shares of Erasca stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $5.59, for a total transaction of $670,800.00. Following the transaction, the general counsel directly owned 25,076 shares in the company, valued at approximately $140,174.84. This trade represents a 82.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Shannon Morris sold 20,000 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $15.04, for a total value of $300,800.00. The SEC filing for this sale provides additional information. 14.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC raised its position in Erasca by 594.8% in the first quarter. AQR Capital Management LLC now owns 396,202 shares of the company’s stock worth $543,000 after acquiring an additional 339,177 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Erasca by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 4,835,642 shares of the company’s stock worth $6,143,000 after purchasing an additional 77,790 shares during the last quarter. Creative Planning grew its stake in shares of Erasca by 423.3% in the 2nd quarter. Creative Planning now owns 244,332 shares of the company’s stock worth $310,000 after purchasing an additional 197,637 shares during the last quarter. New York State Common Retirement Fund raised its holdings in shares of Erasca by 39.1% in the 2nd 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 in the last quarter. Finally, Invesco Ltd. lifted its stake in Erasca by 51.6% during the second quarter. Invesco Ltd. now owns 172,226 shares of the company’s stock valued at $219,000 after purchasing an additional 58,643 shares during the last quarter. 67.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ERAS shares. Mizuho started coverage on shares of Erasca in a research report on Tuesday, January 27th. They set an “outperform” rating and a $16.00 price target for the company. HC Wainwright upped their target price on shares of Erasca from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Stifel Nicolaus set a $20.00 price target on Erasca in a report on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Erasca in a report on Thursday, January 22nd. Finally, Guggenheim restated a “buy” rating and issued a $12.00 target price on shares of Erasca in a research report on Tuesday, January 27th. Seven equities 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. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $10.33.

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.