Erasca (NASDAQ:ERAS) Stock Price Expected to Rise, Guggenheim Analyst Says

Erasca (NASDAQ:ERAS) had its price objective upped by equities researchers at Guggenheim from $12.00 to $20.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s target price would suggest a potential upside of 46.84% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Stifel Nicolaus set a $20.00 target price on shares of Erasca in a research report on Tuesday, March 10th. Morgan Stanley set a $10.00 price objective on Erasca in a research note on Monday, January 26th. Citigroup reissued a “buy” rating on shares of Erasca in a report on Friday. Piper Sandler upped their target price on Erasca from $11.00 to $18.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a report on Thursday, January 22nd. Eight 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 stock. According to MarketBeat, Erasca presently has a consensus rating of “Moderate Buy” and an average price target of $12.89.

Erasca Stock Down 7.0%

Erasca stock opened at $13.62 on Monday. The stock has a 50-day moving average price of $11.25 and a 200 day moving average price of $5.62. The company has a market capitalization of $4.23 billion, a price-to-earnings ratio of -30.95 and a beta of 1.16. Erasca has a 52 week low of $1.01 and a 52 week high of $16.41.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Thursday, March 19th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.01. Research analysts anticipate that Erasca will post -0.73 EPS for the current fiscal year.

Insider Buying and Selling at Erasca

In other Erasca news, General Counsel Ebun Garner sold 120,000 shares of Erasca 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 owned 25,076 shares of the company’s stock, valued at approximately $140,174.84. The trade was a 82.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Shannon Morris sold 20,000 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $15.04, for a total transaction of $300,800.00. The disclosure for this sale is available in the SEC filing. 14.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Erasca

A number of large investors have recently bought and sold shares of ERAS. EntryPoint Capital LLC purchased a new position in Erasca during the fourth quarter worth approximately $38,000. Stifel Financial Corp purchased a new stake in shares of Erasca in the fourth quarter valued at approximately $38,000. XTX Topco Ltd acquired a new position in shares of Erasca during the 4th quarter worth approximately $40,000. Mariner LLC acquired a new position in shares of Erasca during the 4th quarter worth approximately $40,000. Finally, Cibc World Markets Corp purchased a new position in shares of Erasca during the 4th quarter valued at approximately $43,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

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.