Stock Traders Purchase Large Volume of Erasca Call Options (NASDAQ:ERAS)

Erasca, Inc. (NASDAQ:ERAS) was the recipient of some unusual options trading on Monday. Stock traders acquired 7,426 call options on the company. This is an increase of approximately 144% compared to the average daily volume of 3,041 call options.

Erasca Stock Performance

Shares of ERAS stock traded up $1.05 during mid-day trading on Monday, reaching $14.72. 1,632,278 shares of the company’s stock traded hands, compared to its average volume of 6,645,761. The firm has a 50 day moving average price of $13.86 and a two-hundred day moving average price of $11.39. The firm has a market capitalization of $4.58 billion, a PE ratio of -15.83 and a beta of 0.73. Erasca has a 12 month low of $1.21 and a 12 month high of $24.28.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.48). As a group, equities analysts expect that Erasca will post -0.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Erasca news, insider Ebun Garner sold 80,000 shares of the stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $16.40, for a total transaction of $1,312,000.00. Following the completion of the sale, the insider owned 25,076 shares of the company’s stock, valued at $411,246.40. This represents a 76.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 14.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Erasca

Hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its holdings in shares of Erasca by 77.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company’s stock valued at $69,000 after purchasing an additional 1,859 shares during the last quarter. KBC Group NV purchased a new stake in Erasca in the 1st quarter worth about $81,000. State of Wyoming bought a new stake in shares of Erasca during the 1st quarter worth approximately $95,000. ADAR1 Capital Management LLC bought a new stake in shares of Erasca during the first quarter worth $162,000. Finally, EntryPoint Capital LLC bought a new stake in Erasca during the 4th quarter valued at about $38,000. Institutional investors own 67.78% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on ERAS. Piper Sandler increased their price objective on Erasca from $11.00 to $18.00 and gave the stock an “overweight” rating in a report on Friday, March 13th. HC Wainwright boosted their price objective on shares of Erasca from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, March 13th. Citigroup reissued a “buy” rating on shares of Erasca in a research note on Friday, March 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a report on Thursday, June 11th. Finally, Guggenheim increased their price objective on Erasca from $12.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, March 16th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Erasca presently has an average rating of “Moderate Buy” and an average target price of $20.11.

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.