Erasca Sees Unusually High Options Volume (NASDAQ:ERAS)

Key Points

• Erasca saw exceptionally high call-options activity: Investors purchased 39,645 call options, about 1,289% above the typical daily volume.
• The stock fell 0.6% to $14.43, while Erasca reported a quarterly loss of $0.14 per share, missing analyst expectations by $0.03. Institutional investors and hedge funds own 67.78% of the company.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $22.09, despite one sell rating.

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) was the recipient of some unusual options trading on Friday. Investors purchased 39,645 call options on the company. This represents an increase of approximately 1,289% compared to the typical daily volume of 2,854 call options.

Hedge Funds Weigh In On Erasca

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wealthcare Advisory Partners LLC increased its stake in shares of Erasca by 5.0% during the second quarter. Wealthcare Advisory Partners LLC now owns 15,924 shares of the company's stock worth $292,000 after acquiring an additional 756 shares during the period. Abel Hall LLC grew its position in Erasca by 8.1% during the first quarter. Abel Hall LLC now owns 16,947 shares of the company's stock worth $274,000 after buying an additional 1,265 shares during the period. Nykredit A S purchased a new position in Erasca in the 2nd quarter valued at approximately $29,000. Allworth Financial LP purchased a new stake in shares of Erasca in the 2nd quarter worth about $34,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Erasca by 77.8% in the first quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company's stock valued at $69,000 after purchasing an additional 1,859 shares in the last quarter. 67.78% of the stock is owned by institutional investors and hedge funds.

Erasca Trading Down 0.6%

ERAS traded down $0.09 on Friday, hitting $14.43. The company had a trading volume of 987,545 shares, compared to its average volume of 5,923,321. The company's fifty day moving average price is $17.43 and its 200 day moving average price is $15.91. Erasca has a 1 year low of $1.79 and a 1 year high of $24.28. The firm has a market cap of $5.05 billion, a P/E ratio of -15.27 and a beta of 0.64.

Erasca (NASDAQ:ERAS - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.03). On average, analysts predict that Erasca will post -0.49 earnings per share for the current year.

Analysts Set New Price Targets

ERAS has been the subject of a number of research analyst reports. Jefferies Financial Group restated a "buy" rating on shares of Erasca in a research report on Tuesday, July 14th. HC Wainwright boosted their target price on shares of Erasca from $18.00 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. HSBC set a $20.00 price target on shares of Erasca in a research report on Tuesday, July 14th. Guggenheim lifted their price objective on Erasca from $20.00 to $21.00 and gave the stock a "buy" rating in a report on Thursday, August 13th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Erasca in a report on Tuesday, September 8th. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $22.09.

Erasca Company Profile

Erasca, Inc is a clinical-stage biotechnology company focused on developing treatments for cancers driven by abnormalities in the RAS/MAPK signaling pathway. The company's research and development strategy is centered on precision oncology, with the goal of addressing cancers that have historically been difficult to treat because of mutations in RAS and related proteins.

Erasca's lead investigational program is daraxonrasib, also known as RMC-6236, an oral RAS(ON) multi-selective inhibitor designed to target active RAS proteins.

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