Erasca (NASDAQ:ERAS) Shares Up 10.5% – Time to Buy?

Erasca, Inc. (NASDAQ:ERAS)’s share price traded up 10.5% during mid-day trading on Wednesday . The company traded as high as $12.43 and last traded at $12.7020. 596,829 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 6,804,222 shares. The stock had previously closed at $11.50.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of Erasca from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Mizuho lowered their price target on shares of Erasca from $28.00 to $26.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Piper Sandler increased their price target on shares of Erasca from $11.00 to $18.00 and gave the stock an “overweight” rating in a report on Friday, March 13th. HC Wainwright increased their price target on shares of Erasca from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, March 13th. Finally, Citigroup reissued a “buy” rating on shares of Erasca in a report on Friday, March 13th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Erasca currently has a consensus rating of “Moderate Buy” and an average price target of $18.75.

Erasca Stock Up 9.3%

The company’s 50-day moving average is $14.66 and its two-hundred day moving average is $10.05. The company has a market capitalization of $3.91 billion, a P/E ratio of -13.35 and a beta of 0.68.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.48). On average, sell-side analysts predict that Erasca, Inc. will post -0.55 EPS for the current year.

Insider Activity at Erasca

In related news, 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 value of $1,312,000.00. Following the transaction, the insider directly owned 25,076 shares in the company, valued at approximately $411,246.40. This represents a 76.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Shannon Morris sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $15.04, for a total transaction of $300,800.00. Additional details regarding this sale are available in the official SEC disclosure. 14.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC increased its position in shares of Erasca by 77.8% in the first quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company’s stock worth $69,000 after purchasing an additional 1,859 shares during the last quarter. KBC Group NV bought a new position in Erasca during the first quarter valued at approximately $81,000. State of Wyoming bought a new position in Erasca during the first quarter valued at approximately $95,000. ADAR1 Capital Management LLC bought a new position in Erasca during the first quarter valued at approximately $162,000. Finally, EntryPoint Capital LLC bought a new position in Erasca during the fourth quarter valued at approximately $38,000. 67.78% of the stock is currently owned by institutional investors.

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.