Short Interest in Erasca, Inc. (NASDAQ:ERAS) Decreases By 17.8%

Erasca, Inc. (NASDAQ:ERAS) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 27,220,000 shares, a drop of 17.8% from the March 15th total of 33,100,000 shares. Based on an average trading volume of 1,630,000 shares, the days-to-cover ratio is currently 16.7 days. Currently, 16.6% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

ERAS has been the subject of several research analyst reports. Raymond James started coverage on shares of Erasca in a research report on Wednesday, March 26th. They issued an “outperform” rating and a $5.00 target price for the company. The Goldman Sachs Group decreased their price objective on Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a report on Friday, March 21st. Morgan Stanley reaffirmed an “overweight” rating and set a $4.00 price objective on shares of Erasca in a research report on Friday, March 7th. HC Wainwright reissued a “buy” rating and issued a $6.00 target price on shares of Erasca in a report on Friday, March 21st. Finally, Bank of America raised Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price target on the stock in a report on Tuesday, January 7th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $4.83.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC raised its holdings in Erasca by 46.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 87,251 shares of the company’s stock valued at $120,000 after buying an additional 27,867 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Erasca in the 1st quarter worth about $39,000. Wellington Management Group LLP purchased a new position in shares of Erasca during the 4th quarter worth about $1,169,000. California State Teachers Retirement System lifted its stake in Erasca by 7.1% in the fourth quarter. California State Teachers Retirement System now owns 171,821 shares of the company’s stock worth $431,000 after purchasing an additional 11,385 shares during the last quarter. Finally, Mackenzie Financial Corp bought a new stake in Erasca in the fourth quarter worth about $28,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Erasca Trading Up 6.9 %

ERAS traded up $0.08 during trading on Monday, hitting $1.24. 1,700,909 shares of the company traded hands, compared to its average volume of 1,838,706. The company has a market cap of $351.25 million, a PE ratio of -1.49 and a beta of 1.14. The stock’s 50-day simple moving average is $1.37 and its two-hundred day simple moving average is $2.12. Erasca has a 1 year low of $1.01 and a 1 year high of $3.45.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Thursday, March 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.01. During the same period in the previous year, the firm earned ($0.20) EPS. Equities analysts expect that Erasca will post -0.73 EPS for the current year.

About Erasca

Erasca, Inc, a clinical-stage precision oncology company, focuses on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company’s lead product is naporafenib which is in phase 1b trial for patients with RAS Q16X solid tumors and plans to initiate a pivotal Phase 3 trial for patients with NRASm melanoma.