Erasca, Inc. (NASDAQ:ERAS) Short Interest Update

Erasca, Inc. (NASDAQ:ERAS) saw a significant growth in short interest in the month of December. As of December 31st, there was short interest totaling 20,487,523 shares, a growth of 20.8% from the December 15th total of 16,962,442 shares. Currently, 8.4% of the company’s shares are short sold. Based on an average trading volume of 2,652,389 shares, the short-interest ratio is presently 7.7 days. Based on an average trading volume of 2,652,389 shares, the short-interest ratio is presently 7.7 days. Currently, 8.4% of the company’s shares are short sold.

Erasca Stock Up 2.0%

ERAS stock traded up $0.19 during midday trading on Tuesday, hitting $9.81. The company’s stock had a trading volume of 7,272,995 shares, compared to its average volume of 11,858,214. The firm has a 50-day simple moving average of $4.02 and a 200-day simple moving average of $2.61. The firm has a market capitalization of $2.78 billion, a P/E ratio of -21.80 and a beta of 1.15. Erasca has a 52-week low of $1.01 and a 52-week high of $10.42.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.11). On average, sell-side analysts expect that Erasca will post -0.73 earnings per share for the current fiscal year.

Insider Transactions 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 stock was sold at an average price of $5.59, for a total value of $670,800.00. Following the sale, the general counsel owned 25,076 shares in the company, valued at $140,174.84. The trade was a 82.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 14.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Erasca

Several hedge funds and other institutional investors have recently made changes to their positions in ERAS. Affinity Asset Advisors LLC raised its holdings in Erasca by 22.3% in the second quarter. Affinity Asset Advisors LLC now owns 4,085,787 shares of the company’s stock valued at $5,189,000 after acquiring an additional 744,268 shares in the last quarter. Palumbo Wealth Management LLC increased its position in shares of Erasca by 178.0% in the 2nd quarter. Palumbo Wealth Management LLC now owns 120,466 shares of the company’s stock valued at $153,000 after purchasing an additional 77,135 shares during the last quarter. Frazier Life Sciences Management L.P. raised its holdings in shares of Erasca by 0.7% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 22,729,436 shares of the company’s stock valued at $28,866,000 after purchasing an additional 153,585 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Erasca by 130.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 36,362 shares of the company’s stock valued at $46,000 after purchasing an additional 20,558 shares in the last quarter. Finally, Savant Capital LLC purchased a new stake in shares of Erasca during the 2nd quarter worth $87,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ERAS shares. Mizuho raised their price objective on Erasca from $4.00 to $5.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 9th. Piper Sandler lifted their price target on shares of Erasca from $5.00 to $11.00 and gave the company an “overweight” rating in a research report on Friday. Morgan Stanley set a $4.00 price target on shares of Erasca in a research note on Thursday, January 8th. Stifel Nicolaus set a $10.00 price objective on shares of Erasca in a research report on Monday, January 12th. Finally, Guggenheim lifted their target price 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 investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $6.11.

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.