Erasca (NASDAQ:ERAS) Shares Down 6.7% – Here’s Why

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

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Erasca in a report on Wednesday, October 8th. Guggenheim upped their price target on Erasca from $3.00 to $5.00 and gave the company a “buy” rating in a report on Friday, November 14th. Stifel Nicolaus set a $6.00 price objective on Erasca in a report on Thursday, November 6th. Morgan Stanley set a $4.00 target price on Erasca in a research report on Thursday. Finally, Wall Street Zen upgraded shares of Erasca from a “sell” rating to a “hold” rating in a research note on Sunday, September 21st. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Erasca presently has an average rating of “Moderate Buy” and a consensus price target of $4.44.

Erasca Price Performance

The business has a fifty day simple moving average of $3.28 and a two-hundred day simple moving average of $2.30. The company has a market cap of $1.77 billion, a PE ratio of -13.84 and a beta of 1.15.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.11). On average, equities research analysts predict that Erasca, Inc. will post -0.73 EPS for the current year.

Insider Activity at Erasca

In other Erasca news, General Counsel Ebun Garner sold 120,000 shares of the business’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $5.59, for a total transaction of $670,800.00. Following the sale, the general counsel directly owned 25,076 shares in the company, valued at $140,174.84. This represents a 82.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 14.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Erasca

A number of institutional investors and hedge funds have recently modified their holdings of ERAS. BNP Paribas Financial Markets grew its position in Erasca by 58.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock valued at $27,000 after buying an additional 7,923 shares during the last quarter. EP Wealth Advisors LLC purchased a new stake in shares of Erasca in the second quarter valued at about $29,000. Russell Investments Group Ltd. acquired a new stake in Erasca during the 3rd quarter valued at $31,000. SG Americas Securities LLC acquired a new stake in Erasca during the third quarter worth approximately $32,000. Finally, Crowley Wealth Management Inc. purchased a new stake in Erasca in the third quarter valued at approximately $33,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

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.