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

Erasca, Inc. (NASDAQ:ERAS) was the target of a significant increase in short interest in September. As of September 15th, there was short interest totalling 27,030,000 shares, an increase of 8.9% from the August 31st total of 24,810,000 shares. Based on an average daily volume of 2,450,000 shares, the short-interest ratio is currently 11.0 days. Currently, 15.4% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ERAS. HC Wainwright boosted their target price on Erasca from $5.00 to $6.00 and gave the stock a “buy” rating in a research note on Tuesday, August 13th. The Goldman Sachs Group dropped their price target on Erasca from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $6.00.

Institutional Investors Weigh In On Erasca

Several hedge funds have recently bought and sold shares of ERAS. Federated Hermes Inc. acquired a new position in shares of Erasca in the 2nd quarter valued at $31,000. Sei Investments Co. purchased a new position in shares of Erasca in the 2nd quarter valued at about $39,000. Victory Capital Management Inc. raised its holdings in Erasca by 82.2% in the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock worth $51,000 after purchasing an additional 9,689 shares during the period. China Universal Asset Management Co. Ltd. grew its holdings in Erasca by 66.1% in the first quarter. China Universal Asset Management Co. Ltd. now owns 29,013 shares of the company’s stock valued at $60,000 after purchasing an additional 11,541 shares during the period. Finally, Edmonds Duncan Registered Investment Advisors LLC raised its stake in shares of Erasca by 41.2% during the 2nd quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock worth $81,000 after buying an additional 10,000 shares during the period. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Erasca Stock Performance

Shares of Erasca stock traded down $0.14 during trading on Tuesday, hitting $2.59. 1,561,730 shares of the company’s stock were exchanged, compared to its average volume of 1,653,184. Erasca has a 52-week low of $1.51 and a 52-week high of $3.45. The stock has a market capitalization of $449.00 million, a price-to-earnings ratio of -3.08 and a beta of 1.16. The business has a 50-day simple moving average of $2.84 and a 200-day simple moving average of $2.46.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.12). On average, equities analysts anticipate that Erasca will post -0.91 earnings per share for the current fiscal year.

About Erasca

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.