Erasca (NASDAQ:ERAS – Get Free Report) was upgraded by stock analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research report issued on Thursday,Benzinga reports. The brokerage presently has a $16.00 price target on the stock, up from their previous price target of $9.00. Bank of America‘s price target would indicate a potential upside of 21.40% from the stock’s current price.
Several other analysts have also recently commented on ERAS. Mizuho dropped their target price on shares of Erasca from $28.00 to $26.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. JPMorgan Chase & Co. upped their target price on shares of Erasca from $24.00 to $25.00 and gave the company an “overweight” rating in a research report on Wednesday, March 18th. Citigroup reiterated a “buy” rating on shares of Erasca in a research report on Friday, March 13th. Wolfe Research set a $16.00 target price on shares of Erasca in a research report on Thursday. Finally, Piper Sandler upped their target price on shares of Erasca from $11.00 to $18.00 and gave the company an “overweight” rating in a research report on Friday, March 13th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.11.
Read Our Latest Analysis on ERAS
Erasca Price Performance
Erasca (NASDAQ:ERAS – Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.48). As a group, equities analysts expect that Erasca will post -0.55 earnings per share for the current fiscal year.
Insider Activity at Erasca
In related news, insider Ebun Garner sold 80,000 shares of the company’s stock in a transaction 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 completion of the sale, the insider owned 25,076 shares in the company, valued at $411,246.40. This represents a 76.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 14.20% of the stock is currently owned by corporate insiders.
Institutional Trading of Erasca
A number of large investors have recently made changes to their positions in the company. VR Adviser LLC increased its position in shares of Erasca by 10.1% in the 2nd quarter. VR Adviser LLC now owns 17,857,083 shares of the company’s stock valued at $22,678,000 after buying an additional 1,640,867 shares in the last quarter. Paradigm Biocapital Advisors LP increased its position in shares of Erasca by 4.4% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 14,159,095 shares of the company’s stock valued at $52,672,000 after buying an additional 599,078 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Erasca by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,811,832 shares of the company’s stock valued at $27,930,000 after buying an additional 116,235 shares in the last quarter. Vivo Capital LLC increased its position in shares of Erasca by 31.0% in the 1st quarter. Vivo Capital LLC now owns 12,151,480 shares of the company’s stock valued at $196,611,000 after buying an additional 2,878,052 shares in the last quarter. Finally, Siren L.L.C. increased its position in shares of Erasca by 28.4% in the 1st quarter. Siren L.L.C. now owns 11,244,246 shares of the company’s stock valued at $181,932,000 after buying an additional 2,486,997 shares in the last quarter. Institutional investors own 67.78% of the company’s stock.
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.
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