Erasca, Inc. (NASDAQ:ERAS) Short Interest Up 30.0% in January

Erasca, Inc. (NASDAQ:ERAS) was the target of a significant growth in short interest in the month of January. As of January 15th, there was short interest totaling 26,637,035 shares, a growth of 30.0% from the December 31st total of 20,487,523 shares. Based on an average trading volume of 12,081,005 shares, the days-to-cover ratio is presently 2.2 days. Currently, 11.0% of the company’s shares are sold short. Currently, 11.0% of the company’s shares are sold short. Based on an average trading volume of 12,081,005 shares, the days-to-cover ratio is presently 2.2 days.

Insiders Place Their Bets

In other Erasca news, General Counsel Ebun Garner sold 120,000 shares of the company’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $5.59, for a total transaction 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 represents a 82.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 14.40% of the company’s stock.

Institutional Investors Weigh In On Erasca

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets increased its holdings in Erasca by 58.0% in the second quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock valued at $27,000 after purchasing an additional 7,923 shares during the period. EP Wealth Advisors LLC bought a new stake in shares of Erasca during the 2nd quarter worth $29,000. Russell Investments Group Ltd. purchased a new stake in Erasca in the 3rd quarter worth about $31,000. SG Americas Securities LLC bought a new position in Erasca in the 3rd quarter valued at $32,000. Finally, Crowley Wealth Management Inc. bought a new stake in Erasca during the third quarter worth about $33,000. 67.78% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Piper Sandler increased their price target on Erasca from $5.00 to $11.00 and gave the company an “overweight” rating in a research note on Friday, January 16th. Mizuho started coverage on shares of Erasca in a report on Tuesday, January 27th. They issued an “outperform” rating and a $16.00 price target for the company. Stifel Nicolaus set a $10.00 price objective on shares of Erasca in a report on Monday, January 12th. Morgan Stanley set a $10.00 price objective on shares of Erasca in a research report on Monday, January 26th. Finally, HC Wainwright increased their target price on Erasca from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Seven 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.22.

Erasca Stock Performance

ERAS traded up $0.10 during trading hours on Monday, hitting $10.61. 7,148,920 shares of the company’s stock were exchanged, compared to its average volume of 9,671,160. Erasca has a 1-year low of $1.01 and a 1-year high of $10.95. The stock’s 50-day moving average is $5.36 and its two-hundred day moving average is $3.16.

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

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.