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

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

Erasca Trading Up 0.8 %

Shares of ERAS traded up $0.02 during trading hours on Wednesday, reaching $2.62. The company had a trading volume of 328,789 shares, compared to its average volume of 1,507,091. The firm has a 50 day simple moving average of $2.58 and a 200-day simple moving average of $2.26. The company has a market capitalization of $454.20 million, a price-to-earnings ratio of -3.10 and a beta of 1.17. Erasca has a 12-month low of $1.51 and a 12-month high of $3.45.

Insider Activity

In other Erasca news, Director Alexander W. Casdin bought 80,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was purchased at an average cost of $2.27 per share, for a total transaction of $181,600.00. Following the acquisition, the director now owns 573,974 shares of the company’s stock, valued at approximately $1,302,920.98. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 21.50% of the company’s stock.

Analysts Set New Price Targets

ERAS has been the subject of several recent analyst reports. The Goldman Sachs Group reduced their target price on shares of Erasca from $7.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, May 28th. HC Wainwright raised their target price on shares of Erasca from $5.00 to $6.00 and gave the stock a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.20.

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.