Erasca (NASDAQ:ERAS) Issues Earnings Results, Misses Expectations By $0.12 EPS

Erasca (NASDAQ:ERAS) issued its earnings results on Monday. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.12), Zacks reports.

Erasca Stock Performance

Shares of Erasca stock traded down $0.01 during trading on Wednesday, hitting $2.59. 1,670,854 shares of the company’s stock were exchanged, compared to its average volume of 1,515,694. The stock has a market capitalization of $449.00 million, a price-to-earnings ratio of -3.12 and a beta of 1.17. The business has a 50-day simple moving average of $2.58 and a 200-day simple moving average of $2.26. Erasca has a 52-week low of $1.51 and a 52-week high of $3.45.

Insider Buying and Selling at Erasca

In related news, Director Alexander W. Casdin purchased 80,000 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were bought at an average cost of $2.27 per share, with a total value of $181,600.00. Following the transaction, the director now owns 573,974 shares of the company’s stock, valued at $1,302,920.98. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 21.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. The Goldman Sachs Group cut their price target on Erasca from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday. HC Wainwright increased their price target on shares of Erasca from $5.00 to $6.00 and gave the company a “buy” rating in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $6.00.

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.