Erasca (NASDAQ:ERAS) Posts Earnings Results, Beats Expectations By $0.01 EPS

Erasca (NASDAQ:ERAS) issued its quarterly earnings data on Thursday. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.01, FiscalAI reports.

Erasca Trading Up 13.0%

ERAS stock opened at $15.26 on Friday. The stock has a 50-day moving average price of $12.00 and a two-hundred day moving average price of $5.90. Erasca has a 1 year low of $1.01 and a 1 year high of $16.41. The stock has a market cap of $4.74 billion, a PE ratio of -34.68 and a beta of 1.16.

Insider Activity

In other news, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Ebun Garner sold 120,000 shares of the stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $5.59, for a total value of $670,800.00. Following 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 SEC filing for this sale provides additional information. 14.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Erasca

Several hedge funds have recently made changes to their positions in the business. Invesco Ltd. raised its holdings in shares of Erasca by 16.9% in the fourth quarter. Invesco Ltd. now owns 329,795 shares of the company’s stock valued at $1,227,000 after purchasing an additional 47,770 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in Erasca during the fourth quarter worth $112,000. XTX Topco Ltd bought a new position in Erasca in the fourth quarter valued at $40,000. Ikarian Capital LLC bought a new position in Erasca in the fourth quarter valued at $2,736,000. Finally, Susquehanna Portfolio Strategies LLC increased its stake in Erasca by 58.4% in the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 59,087 shares of the company’s stock valued at $220,000 after buying an additional 21,787 shares during the last quarter. 67.78% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ERAS shares. Piper Sandler boosted their target price on Erasca from $11.00 to $18.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. HC Wainwright lifted their price objective on Erasca from $15.00 to $20.00 and gave the company a “buy” rating in a report on Friday, March 13th. Morgan Stanley set a $10.00 price objective on Erasca in a research report on Monday, January 26th. Guggenheim increased their target price on Erasca from $12.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Stifel Nicolaus set a $20.00 target price on shares of Erasca in a report on Tuesday, March 10th. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.10.

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.