Erasca, Inc. (NASDAQ:ERAS) Short Interest Up 8.9% in September

Erasca, Inc. (NASDAQ:ERAS) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 27,030,000 shares, a growth of 8.9% from the August 31st total of 24,810,000 shares. Based on an average daily volume of 2,450,000 shares, the days-to-cover ratio is presently 11.0 days. Currently, 15.4% of the shares of the stock are short sold.

Erasca Stock Performance

Shares of NASDAQ:ERAS traded down $0.14 during mid-day trading on Tuesday, hitting $2.59. The stock had a trading volume of 1,543,580 shares, compared to its average volume of 1,653,087. The company’s 50 day moving average is $2.84 and its 200-day moving average is $2.46. Erasca has a 12-month low of $1.51 and a 12-month high of $3.45. The company has a market cap of $449.00 million, a PE ratio of -3.07 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last released its earnings results on Monday, August 12th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.12). On average, equities research analysts predict that Erasca will post -0.91 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on ERAS shares. The Goldman Sachs Group dropped their price target on shares of Erasca from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. HC Wainwright upped their price objective on Erasca from $5.00 to $6.00 and gave the company a “buy” rating in a report on Tuesday, August 13th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $6.00.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ERAS. Federated Hermes Inc. bought a new stake in Erasca in the second quarter worth $31,000. Sei Investments Co. bought a new position in shares of Erasca in the 2nd quarter valued at approximately $39,000. Victory Capital Management Inc. lifted its holdings in Erasca by 82.2% in the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock worth $51,000 after purchasing an additional 9,689 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Erasca by 66.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 29,013 shares of the company’s stock valued at $60,000 after purchasing an additional 11,541 shares during the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC raised its position in shares of Erasca by 41.2% in the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock valued at $81,000 after purchasing an additional 10,000 shares during the period. 67.78% of the stock is owned by institutional investors and hedge funds.

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.