Short Interest in Erasca, Inc. (NASDAQ:ERAS) Decreases By 17.8%

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) saw a large decrease in short interest in the month of March. As of March 31st, there was short interest totalling 27,220,000 shares, a decrease of 17.8% from the March 15th total of 33,100,000 shares. Approximately 16.6% of the shares of the company are sold short. Based on an average daily volume of 1,630,000 shares, the days-to-cover ratio is presently 16.7 days.

Hedge Funds Weigh In On Erasca

Institutional investors and hedge funds have recently bought and sold shares of the company. Barclays PLC increased its holdings in Erasca by 627.5% in the 3rd quarter. Barclays PLC now owns 343,930 shares of the company's stock worth $939,000 after purchasing an additional 296,657 shares in the last quarter. Geode Capital Management LLC increased its holdings in Erasca by 36.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company's stock worth $12,295,000 after purchasing an additional 1,190,807 shares in the last quarter. State Street Corp increased its holdings in Erasca by 145.2% in the 3rd quarter. State Street Corp now owns 6,027,620 shares of the company's stock worth $16,455,000 after purchasing an additional 3,569,440 shares in the last quarter. Franklin Resources Inc. acquired a new position in Erasca in the 3rd quarter worth about $181,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Erasca by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,762,696 shares of the company's stock valued at $4,424,000 after buying an additional 39,066 shares during the period. Institutional investors and hedge funds own 67.78% of the company's stock.

Erasca Stock Performance

Shares of Erasca stock traded up $0.07 during trading on Wednesday, reaching $1.45. 75,857 shares of the company's stock were exchanged, compared to its average volume of 1,838,305. Erasca has a 1-year low of $1.01 and a 1-year high of $3.45. The company has a market cap of $410.74 million, a P/E ratio of -1.75 and a beta of 1.14. The firm's 50-day moving average price is $1.36 and its 200 day moving average price is $2.11.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its earnings results on Thursday, March 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.12) by $0.01. During the same period last year, the firm posted ($0.20) earnings per share. As a group, equities research analysts predict that Erasca will post -0.73 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on ERAS shares. Morgan Stanley reiterated an "overweight" rating and issued a $4.00 price target on shares of Erasca in a research note on Friday, March 7th. Bank of America upgraded shares of Erasca from a "neutral" rating to a "buy" rating and set a $5.00 target price on the stock in a research report on Tuesday, January 7th. HC Wainwright restated a "buy" rating and set a $6.00 target price on shares of Erasca in a research report on Friday, March 21st. Raymond James started coverage on shares of Erasca in a research report on Wednesday, March 26th. They set an "outperform" rating and a $5.00 target price on the stock. Finally, The Goldman Sachs Group decreased their price objective on shares of Erasca from $3.50 to $3.00 and set a "buy" rating on the stock in a research note on Friday, March 21st. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $4.83.

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.