Erasca, Inc. (NASDAQ:ERAS) Short Interest Update

Erasca, Inc. (NASDAQ:ERASGet Free Report) saw a significant decline in short interest in March. As of March 15th, there was short interest totalling 9,020,000 shares, a decline of 8.9% from the February 29th total of 9,900,000 shares. Based on an average daily volume of 801,900 shares, the days-to-cover ratio is currently 11.2 days. Currently, 10.1% of the shares of the stock are sold short.

Erasca Trading Down 0.5 %

Shares of ERAS traded down $0.01 on Tuesday, reaching $2.15. 1,070,679 shares of the company’s stock traded hands, compared to its average volume of 807,979. The stock has a market cap of $325.70 million, a PE ratio of -2.59 and a beta of 1.10. The stock’s 50 day simple moving average is $2.02 and its two-hundred day simple moving average is $2.07. Erasca has a 52-week low of $1.51 and a 52-week high of $3.38.

Analyst Ratings Changes

A number of equities analysts have commented on the company. HC Wainwright reissued a “buy” rating and issued a $8.00 price objective on shares of Erasca in a research note on Thursday, March 28th. The Goldman Sachs Group increased their price target on Erasca from $6.00 to $7.00 and gave the stock a “buy” rating in a report on Tuesday. Capital One Financial restated an “overweight” rating and issued a $8.00 price target on shares of Erasca in a report on Monday, March 11th. Finally, Bank of America downgraded Erasca from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $11.00 to $6.00 in a report on Friday, January 5th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.83.

Read Our Latest Report on ERAS

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Armistice Capital LLC boosted its position in Erasca by 6.4% during the 3rd quarter. Armistice Capital LLC now owns 8,356,000 shares of the company’s stock valued at $16,461,000 after acquiring an additional 500,000 shares in the last quarter. BlackRock Inc. boosted its position in shares of Erasca by 28.8% in the 2nd quarter. BlackRock Inc. now owns 6,917,154 shares of the company’s stock worth $19,091,000 after purchasing an additional 1,545,305 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Erasca by 11.4% in the 3rd quarter. Vanguard Group Inc. now owns 5,601,092 shares of the company’s stock worth $43,689,000 after purchasing an additional 575,333 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Erasca by 1.9% in the 3rd quarter. Alliancebernstein L.P. now owns 4,143,124 shares of the company’s stock worth $32,316,000 after purchasing an additional 77,295 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Erasca by 11.0% in the 1st quarter. Bank of America Corp DE now owns 2,976,517 shares of the company’s stock worth $8,959,000 after purchasing an additional 294,181 shares in the last quarter. Hedge funds and other institutional investors own 67.78% of the company’s stock.

About Erasca

(Get Free Report)

Erasca, Inc, a clinical-stage biopharmaceutical company, focuses on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company's lead candidates include ERAS-007, an oral inhibitor of ERK1/2 for the treatment of non-small cell lung cancer, colorectal cancer, and acute myeloid leukemia; and ERAS-601, an oral SHP2 inhibitor for patients with advanced or metastatic solid tumors.

Further Reading

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