Erasca (NASDAQ:ERAS) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Erasca (NASDAQ:ERAS) had its price target upped by investment analysts at JPMorgan Chase & Co. from $24.00 to $25.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 63.83% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Citigroup reiterated a “buy” rating on shares of Erasca in a report on Friday, March 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Erasca in a research note on Thursday, January 22nd. Stifel Nicolaus set a $20.00 price target on Erasca in a research report on Tuesday, March 10th. Piper Sandler lifted their price objective on Erasca from $11.00 to $18.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. Finally, Guggenheim boosted their price objective on Erasca from $12.00 to $20.00 and gave the company a “buy” rating in a report on Monday. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $14.10.

Erasca Price Performance

Shares of ERAS stock opened at $15.26 on Wednesday. The firm has a market cap of $4.74 billion, a PE ratio of -34.68 and a beta of 1.16. The company has a 50-day moving average of $12.00 and a two-hundred day moving average of $5.90. Erasca has a 1-year low of $1.01 and a 1-year high of $16.41.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Thursday, March 19th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. Sell-side analysts anticipate that Erasca will post -0.73 EPS for the current fiscal year.

Insider Activity at Erasca

In related 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 transaction of $300,800.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Ebun Garner sold 120,000 shares of the stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $5.59, for a total transaction of $670,800.00. Following the sale, the general counsel owned 25,076 shares in the company, valued at approximately $140,174.84. This trade represents a 82.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 14.40% of the stock is owned by corporate insiders.

Institutional Trading of Erasca

Hedge funds have recently modified their holdings of the stock. Spruce Street Capital LP purchased a new position in Erasca in the fourth quarter valued at $14,469,000. Vivo Capital LLC increased its holdings in Erasca by 37.2% during the 3rd quarter. Vivo Capital LLC now owns 9,273,428 shares of the company’s stock worth $20,216,000 after purchasing an additional 2,516,672 shares during the period. State Street Corp increased its holdings in Erasca by 53.2% during the 4th quarter. State Street Corp now owns 6,174,642 shares of the company’s stock worth $22,970,000 after purchasing an additional 2,145,386 shares during the period. Paradigm Biocapital Advisors LP raised its position in Erasca by 13.9% in the 3rd quarter. Paradigm Biocapital Advisors LP now owns 13,560,017 shares of the company’s stock valued at $29,561,000 after purchasing an additional 1,652,835 shares in the last quarter. Finally, VR Adviser LLC raised its position in 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 purchasing an additional 1,640,867 shares in the last quarter. 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.