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

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on ERAS. Weiss Ratings restated a “sell (d-)” rating on shares of Erasca in a research report on Wednesday, October 8th. Piper Sandler began coverage on shares of Erasca in a report on Wednesday, January 7th. They set an “overweight” rating and a $5.00 price target for the company. Stifel Nicolaus set a $6.00 target price on Erasca in a report on Thursday, November 6th. Morgan Stanley set a $4.00 price objective on Erasca in a report on Thursday. Finally, Guggenheim increased their price objective on shares of Erasca from $3.00 to $5.00 and gave the company a “buy” rating in a report on Friday, November 14th. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $4.44.

Erasca Stock Down 7.8%

The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of -13.84 and a beta of 1.15. The stock’s fifty day moving average is $3.28 and its two-hundred day moving average is $2.30.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.11). As a group, analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current year.

Insider Buying and Selling

In other news, 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 transaction of $670,800.00. Following the completion of 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 14.40% of the company’s stock.

Institutional Investors Weigh In On Erasca

A number of institutional investors and hedge funds have recently made changes to their positions in ERAS. SG Americas Securities LLC boosted its stake in shares of Erasca by 233.3% in the 4th quarter. SG Americas Securities LLC now owns 48,677 shares of the company’s stock worth $181,000 after buying an additional 34,072 shares during the last quarter. CIBC Bancorp USA Inc. bought a new stake in shares of Erasca in the third quarter valued at approximately $40,000. Vivo Capital LLC raised its stake in shares of Erasca by 37.2% during the 3rd quarter. Vivo Capital LLC now owns 9,273,428 shares of the company’s stock valued at $20,216,000 after purchasing an additional 2,516,672 shares during the period. Paradigm Biocapital Advisors LP boosted its holdings in Erasca by 13.9% in the 3rd quarter. Paradigm Biocapital Advisors LP now owns 13,560,017 shares of the company’s stock valued at $29,561,000 after purchasing an additional 1,652,835 shares during the period. Finally, Creative Planning raised its holdings in shares of Erasca by 43.4% in the 3rd quarter. Creative Planning now owns 350,314 shares of the company’s stock valued at $764,000 after acquiring an additional 105,982 shares in the last quarter. 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.