Erasca, Inc. (NASDAQ:ERAS) Short Interest Down 17.8% in March

Erasca, Inc. (NASDAQ:ERAS) was the recipient of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 27,220,000 shares, a decline of 17.8% from the March 15th total of 33,100,000 shares. Approximately 16.6% of the company’s stock are sold short. Based on an average daily trading volume, of 1,630,000 shares, the short-interest ratio is presently 16.7 days.

Institutional Investors Weigh In On Erasca

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. AXQ Capital LP acquired a new position in shares of Erasca in the fourth quarter valued at approximately $27,000. Mackenzie Financial Corp acquired a new position in Erasca in the 4th quarter valued at approximately $28,000. Neuberger Berman Group LLC bought a new position in shares of Erasca during the fourth quarter valued at $33,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Erasca during the first quarter worth $39,000. Finally, Brevan Howard Capital Management LP bought a new stake in shares of Erasca in the fourth quarter worth $41,000. Institutional investors own 67.78% of the company’s stock.

Erasca Stock Down 0.9 %

Shares of ERAS stock traded down $0.01 during trading hours on Friday, reaching $1.16. The company’s stock had a trading volume of 952,477 shares, compared to its average volume of 1,839,259. Erasca has a fifty-two week low of $1.01 and a fifty-two week high of $3.45. The firm’s 50 day simple moving average is $1.37 and its 200-day simple moving average is $2.13. The company has a market capitalization of $328.59 million, a price-to-earnings ratio of -1.40 and a beta of 1.14.

Erasca (NASDAQ:ERAS) last posted its earnings results on Thursday, March 20th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.01. During the same quarter in the prior year, the firm posted ($0.20) earnings per share. Sell-side analysts predict that Erasca will post -0.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

ERAS has been the subject of several recent research reports. The Goldman Sachs Group reduced their price target on Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a research report on Friday, March 21st. Raymond James assumed coverage on shares of Erasca in a report on Wednesday, March 26th. They set an “outperform” rating and a $5.00 target price on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $4.00 price target on shares of Erasca in a research note on Friday, March 7th. HC Wainwright restated a “buy” rating and issued a $6.00 price objective on shares of Erasca in a research note on Friday, March 21st. Finally, Bank of America upgraded shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a research note on Tuesday, January 7th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $4.83.

About Erasca

Erasca, Inc, a clinical-stage precision oncology company, focuses on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company’s lead product is naporafenib which is in phase 1b trial for patients with RAS Q16X solid tumors and plans to initiate a pivotal Phase 3 trial for patients with NRASm melanoma.