Erasca (NASDAQ:ERAS) Releases Earnings Results, Misses Estimates By $0.12 EPS

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

Erasca Stock Up 0.4 %

NASDAQ:ERAS traded up $0.01 on Tuesday, hitting $2.60. The stock had a trading volume of 1,894,557 shares, compared to its average volume of 1,514,692. The stock has a market cap of $450.73 million, a price-to-earnings ratio of -3.10 and a beta of 1.17. The business's 50-day simple moving average is $2.58 and its two-hundred day simple moving average is $2.26. Erasca has a 52-week low of $1.51 and a 52-week high of $3.45.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. HC Wainwright raised their price target on Erasca from $5.00 to $6.00 and gave the company a "buy" rating in a report on Tuesday. The Goldman Sachs Group reduced their price target on Erasca from $7.00 to $4.00 and set a "buy" rating for the company in a report on Tuesday, May 28th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $6.20.

Insiders Place Their Bets

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

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.