Erasca (NASDAQ:ERAS) Posts Quarterly Earnings Results, Misses Expectations By $0.50 EPS

Erasca (NASDAQ:ERAS) posted its quarterly earnings results on Monday. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.50), FiscalAI reports.

Erasca Trading Down 0.3%

NASDAQ ERAS traded down $0.04 during trading on Wednesday, reaching $10.35. 1,451,082 shares of the company’s stock were exchanged, compared to its average volume of 7,123,385. Erasca has a fifty-two week low of $1.06 and a fifty-two week high of $24.28. The firm has a market capitalization of $3.22 billion, a PE ratio of -11.09 and a beta of 0.68. The company’s fifty day simple moving average is $15.49 and its 200-day simple moving average is $9.46.

Insider Transactions at Erasca

In other Erasca news, insider Shannon Morris sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $15.04, for a total value of $300,800.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Ebun Garner sold 80,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $16.40, for a total transaction of $1,312,000.00. Following the completion of the transaction, the insider owned 25,076 shares in the company, valued at approximately $411,246.40. This represents a 76.14% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 14.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Neuberger Berman Group LLC lifted its holdings in shares of Erasca by 11.3% during the 4th quarter. Neuberger Berman Group LLC now owns 12,358 shares of the company’s stock valued at $46,000 after buying an additional 1,253 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Erasca by 0.8% in the 4th quarter. AQR Capital Management LLC now owns 669,876 shares of the company’s stock worth $2,492,000 after purchasing an additional 5,537 shares during the last quarter. Captrust Financial Advisors lifted its holdings in Erasca by 13.6% in the 2nd quarter. Captrust Financial Advisors now owns 54,111 shares of the company’s stock worth $69,000 after purchasing an additional 6,486 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Erasca by 58.0% during the second quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock worth $27,000 after purchasing an additional 7,923 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in Erasca by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 103,503 shares of the company’s stock valued at $386,000 after purchasing an additional 9,923 shares during the last quarter. Institutional investors and hedge funds own 67.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ERAS shares. Morgan Stanley set a $10.00 target price on Erasca in a research report on Monday, January 26th. Guggenheim lifted their price objective on shares of Erasca from $12.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, March 16th. Stifel Nicolaus lifted their price objective on shares of Erasca from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research note on Thursday, January 22nd. Finally, JPMorgan Chase & Co. raised their target price on Erasca from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Wednesday, March 18th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $18.75.

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.