Erasca Sees Unusually High Options Volume (NASDAQ:ERAS)

Erasca, Inc. (NASDAQ:ERAS) saw some unusual options trading on Wednesday. Stock traders bought 4,075 call options on the stock. This represents an increase of 104% compared to the typical volume of 2,001 call options.

Insider Activity at Erasca

In other news, General Counsel Ebun Garner sold 120,000 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $5.59, for a total value of $670,800.00. Following the transaction, the general counsel directly owned 25,076 shares in the company, valued at approximately $140,174.84. This trade represents a 82.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 14.40% of the company’s stock.

Institutional Trading of Erasca

Several institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Erasca by 25.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,787 shares of the company’s stock worth $51,000 after purchasing an additional 2,820 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Erasca during the 3rd quarter worth about $31,000. SG Americas Securities LLC bought a new stake in Erasca in the third quarter valued at approximately $32,000. Crowley Wealth Management Inc. bought a new stake in shares of Erasca in the 3rd quarter valued at $33,000. Finally, Wealthcare Advisory Partners LLC acquired a new stake in Erasca during the 4th quarter worth $56,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

Erasca Stock Down 2.6%

ERAS stock traded down $0.31 during mid-day trading on Wednesday, reaching $11.64. 2,296,477 shares of the stock traded hands, compared to its average volume of 8,329,127. Erasca has a 52 week low of $1.01 and a 52 week high of $12.48. The firm has a market capitalization of $3.60 billion, a PE ratio of -25.86 and a beta of 1.21. The business has a 50-day moving average of $6.54 and a two-hundred day moving average of $3.64.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, hitting analysts’ consensus estimates of ($0.11). On average, equities research analysts anticipate that Erasca will post -0.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ERAS has been the topic of several recent analyst reports. HC Wainwright boosted their price objective on Erasca from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research note on Thursday, January 22nd. Guggenheim reaffirmed a “buy” rating and issued a $12.00 target price on shares of Erasca in a research report on Tuesday, January 27th. Stifel Nicolaus set a $10.00 price objective on Erasca in a research note on Monday, January 12th. Finally, Piper Sandler increased their price target on shares of Erasca from $5.00 to $11.00 and gave the stock an “overweight” rating in a research report on Friday, January 16th. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Erasca has an average rating of “Moderate Buy” and a consensus price target of $9.22.

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.