Traders Buy Large Volume of Call Options on Erasca (NASDAQ:ERAS)

Key Points

• Traders acquired 11,327 call options on Erasca, marking a significant increase of approximately 1,443% compared to the average daily volume.
• Institutional investors now own 67.78% of Erasca's stock, with notable increases in stakes from firms like Wellington Management Group and Deutsche Bank.
• Analysts have varied views on Erasca, with a consensus "Hold" rating and an average price target of $3.71, while some firms have downgraded price targets significantly.

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) was the recipient of some unusual options trading on Wednesday. Stock traders acquired 11,327 call options on the company. This is an increase of approximately 1,443% compared to the average daily volume of 734 call options.

Institutional Investors Weigh In On Erasca

Large investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC bought a new stake in Erasca in the 1st quarter worth about $39,000. California State Teachers Retirement System grew its stake in shares of Erasca by 7.1% during the 4th quarter. California State Teachers Retirement System now owns 171,821 shares of the company's stock valued at $431,000 after purchasing an additional 11,385 shares during the period. Deutsche Bank AG grew its stake in shares of Erasca by 20.1% during the 1st quarter. Deutsche Bank AG now owns 163,052 shares of the company's stock valued at $223,000 after purchasing an additional 27,282 shares during the period. Wellington Management Group LLP grew its stake in shares of Erasca by 82.6% during the 1st quarter. Wellington Management Group LLP now owns 850,147 shares of the company's stock valued at $1,165,000 after purchasing an additional 384,475 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Erasca by 22.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 444,769 shares of the company's stock valued at $1,116,000 after purchasing an additional 80,684 shares during the period. 67.78% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on ERAS shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Erasca in a research note on Wednesday. Wall Street Zen raised Erasca from a "sell" rating to a "hold" rating in a research note on Sunday, September 21st. Bank of America reaffirmed an "underperform" rating and issued a $1.00 price target (down previously from $4.00) on shares of Erasca in a research note on Wednesday, September 3rd. Finally, Morgan Stanley reissued an "equal weight" rating and set a $2.00 price objective (down previously from $4.00) on shares of Erasca in a research report on Monday, August 18th. Five equities research 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's stock. Based on data from MarketBeat.com, Erasca currently has a consensus rating of "Hold" and an average price target of $3.71.

Erasca Price Performance

NASDAQ ERAS traded up $0.13 during trading hours on Wednesday, hitting $2.61. The company's stock had a trading volume of 3,270,201 shares, compared to its average volume of 1,447,314. Erasca has a 12 month low of $1.01 and a 12 month high of $3.31. The company's 50 day simple moving average is $1.69 and its two-hundred day simple moving average is $1.49. The company has a market cap of $738.96 million, a P/E ratio of -5.77 and a beta of 1.18.

Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.12) EPS for the quarter, hitting the consensus estimate of ($0.12). As a group, 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.

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