Erasca, Inc. (NASDAQ:ERAS) Short Interest Down 17.8% in March

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

Institutional Investors Weigh In On Erasca

Large investors have recently made changes to their positions in the company. AXQ Capital LP bought a new stake in shares of Erasca during the fourth quarter worth $27,000. Mackenzie Financial Corp bought a new position in shares of Erasca in the 4th quarter worth $28,000. Neuberger Berman Group LLC bought a new position in Erasca during the fourth quarter worth about $33,000. Brevan Howard Capital Management LP bought a new stake in Erasca in the fourth quarter valued at approximately $41,000. Finally, Cibc World Markets Corp acquired a new position in shares of Erasca in the 4th quarter valued at $43,000. Institutional investors own 67.78% of the company’s stock.

Analyst Upgrades and Downgrades

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

Erasca Trading Up 10.1 %

NASDAQ:ERAS traded up $0.13 during trading hours on Tuesday, hitting $1.37. 367,730 shares of the company traded hands, compared to its average volume of 1,578,612. The firm has a 50-day moving average of $1.37 and a 200 day moving average of $2.12. Erasca has a twelve month low of $1.01 and a twelve month high of $3.45. The stock has a market capitalization of $386.66 million, a price-to-earnings ratio of -1.64 and a beta of 1.14.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.01. During the same quarter in the prior year, the business posted ($0.20) earnings per share. Equities research analysts predict that Erasca will post -0.73 earnings per share for the current fiscal year.

Erasca Company Profile

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.