Erasca, Inc. (NASDAQ:ERAS) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Erasca, Inc. (NASDAQ:ERAS) have been assigned an average recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $15.3333.

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Erasca from $24.00 to $25.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 18th. Stifel Nicolaus set a $20.00 price target on Erasca in a research report on Tuesday, March 10th. Citigroup reissued a “buy” rating on shares of Erasca in a report on Friday, March 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research note on Thursday, January 22nd. Finally, Morgan Stanley set a $10.00 target price on shares of Erasca in a research report on Monday, January 26th.

Erasca Price Performance

ERAS opened at $14.32 on Tuesday. The firm has a market capitalization of $4.45 billion, a P/E ratio of -32.55 and a beta of 1.16. Erasca has a one year low of $1.01 and a one year high of $16.41. The company has a fifty day moving average price of $12.32 and a 200-day moving average price of $6.15.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Thursday, March 19th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. On average, analysts expect that Erasca will post -0.73 earnings per share for the current year.

Insider Buying and Selling at Erasca

In related news, insider Shannon Morris sold 20,000 shares of the 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Ebun Garner sold 120,000 shares of the stock in a transaction 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 transaction, the general counsel directly owned 25,076 shares in the company, valued at approximately $140,174.84. This represents a 82.72% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 14.40% of the company’s stock.

Hedge Funds Weigh In On Erasca

A number of hedge funds and other institutional investors have recently modified their holdings of ERAS. Invesco Ltd. increased its position in shares of Erasca by 16.9% during the 4th quarter. Invesco Ltd. now owns 329,795 shares of the company’s stock valued at $1,227,000 after purchasing an additional 47,770 shares during the last quarter. EP Wealth Advisors LLC purchased a new stake in Erasca in the fourth quarter worth approximately $112,000. XTX Topco Ltd purchased a new stake in Erasca in the fourth quarter worth approximately $40,000. Ikarian Capital LLC bought a new position in Erasca during the fourth quarter valued at approximately $2,736,000. Finally, Susquehanna Portfolio Strategies LLC grew its position in Erasca by 58.4% during the fourth quarter. Susquehanna Portfolio Strategies LLC now owns 59,087 shares of the company’s stock valued at $220,000 after acquiring an additional 21,787 shares during the last quarter. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

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.