Erasca, Inc. (NASDAQ:ERAS) Sees Large Increase in Short Interest

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) saw a significant increase in short interest in April. As of April 15th, there was short interest totalling 9,480,000 shares, an increase of 6.9% from the March 31st total of 8,870,000 shares. Approximately 10.6% of the shares of the stock are short sold. Based on an average trading volume of 783,400 shares, the short-interest ratio is currently 12.1 days.

Wall Street Analyst Weigh In

Several research analysts have commented on ERAS shares. HC Wainwright reissued a "buy" rating and issued a $8.00 price target on shares of Erasca in a report on Thursday, March 28th. Bank of America cut Erasca from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $11.00 to $6.00 in a research report on Friday, January 5th. Capital One Financial reaffirmed an "overweight" rating and issued a $8.00 price target on shares of Erasca in a report on Monday, March 11th. Finally, The Goldman Sachs Group boosted their price objective on Erasca from $6.00 to $7.00 and gave the stock a "buy" rating in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $7.83.

Hedge Funds Weigh In On Erasca

Several institutional investors and hedge funds have recently made changes to their positions in the business. Aaron Wealth Advisors LLC purchased a new stake in Erasca during the fourth quarter valued at about $28,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of Erasca during the fourth quarter valued at about $35,000. China Universal Asset Management Co. Ltd. grew its stake in shares of Erasca by 350.9% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 17,472 shares of the company's stock valued at $37,000 after buying an additional 13,597 shares during the last quarter. RPO LLC bought a new position in shares of Erasca during the fourth quarter valued at about $44,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Erasca by 207.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,421 shares of the company's stock valued at $68,000 after buying an additional 23,228 shares during the last quarter. Institutional investors own 67.78% of the company's stock.

Erasca Price Performance

ERAS stock traded up $0.08 during mid-day trading on Wednesday, hitting $2.09. 655,085 shares of the stock were exchanged, compared to its average volume of 762,950. The business has a fifty day moving average price of $2.12 and a 200 day moving average price of $2.04. Erasca has a 12 month low of $1.51 and a 12 month high of $3.38. The stock has a market capitalization of $362.32 million, a price-to-earnings ratio of -2.52 and a beta of 1.10.

Erasca (NASDAQ:ERAS - Get Free Report) last released its earnings results on Wednesday, March 27th. The company reported ($0.20) earnings per share for the quarter, topping analysts' consensus estimates of ($0.24) by $0.04. As a group, equities analysts forecast that Erasca will post -0.92 EPS 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.

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