Erasca (NASDAQ:ERAS) Shares Gap Down Following Insider Selling
by Sarita Garza · The Markets DailyShares of Erasca, Inc. (NASDAQ:ERAS – Get Free Report) gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $5.17, but opened at $4.35. Erasca shares last traded at $5.0050, with a volume of 2,160,536 shares trading hands.
Specifically, General Counsel Ebun Garner sold 120,000 shares of the business’s stock in a transaction on 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 owned 25,076 shares in the company, valued at $140,174.84. The trade was a 82.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Analysts Set New Price Targets
A number of research firms have recently issued reports on ERAS. Mizuho boosted their price target on shares of Erasca from $4.00 to $5.00 and gave the company an “outperform” rating in a research note on Tuesday, December 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Erasca in a report on Wednesday, October 8th. Morgan Stanley set a $4.00 price objective on Erasca in a research note on Thursday. Stifel Nicolaus set a $6.00 price target on Erasca in a research note on Thursday, November 6th. Finally, Guggenheim raised their target price on shares of Erasca from $3.00 to $5.00 and gave the company a “buy” rating in a report on Friday, November 14th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $4.44.
Get Our Latest Stock Analysis on Erasca
Erasca Stock Up 16.4%
The company has a market cap of $1.92 billion, a price-to-earnings ratio of -15.02 and a beta of 1.15. The stock has a 50 day simple moving average of $3.28 and a 200 day simple moving average of $2.29.
Erasca (NASDAQ:ERAS – Get Free Report) last posted its earnings results on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). As a group, equities research analysts expect that Erasca, Inc. will post -0.73 EPS for the current fiscal year.
Hedge Funds Weigh In On Erasca
Several institutional investors and hedge funds have recently modified their holdings of ERAS. AQR Capital Management LLC grew its holdings in Erasca by 594.8% during the 1st quarter. AQR Capital Management LLC now owns 396,202 shares of the company’s stock valued at $543,000 after buying an additional 339,177 shares in the last quarter. Palumbo Wealth Management LLC boosted its holdings in Erasca by 178.0% in the 2nd quarter. Palumbo Wealth Management LLC now owns 120,466 shares of the company’s stock valued at $153,000 after purchasing an additional 77,135 shares during the period. Vanguard Personalized Indexing Management LLC grew its position in shares of Erasca by 130.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 36,362 shares of the company’s stock valued at $46,000 after purchasing an additional 20,558 shares in the last quarter. Savant Capital LLC bought a new position in shares of Erasca in the second quarter worth $87,000. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Erasca in the second quarter worth $45,000. 67.78% of the stock is currently owned by institutional investors and hedge funds.
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.