Q2 2024 EPS Estimates for Erasca, Inc. Lifted by Capital One Financial (NASDAQ:ERAS)

Erasca, Inc. (NASDAQ:ERAS) – Investment analysts at Capital One Financial increased their Q2 2024 earnings per share estimates for Erasca in a research note issued on Monday, May 20th. Capital One Financial analyst N. Quibria now anticipates that the company will post earnings per share of ($0.17) for the quarter, up from their previous estimate of ($0.26). Capital One Financial has a “Overweight” rating and a $8.00 price target on the stock. The consensus estimate for Erasca’s current full-year earnings is ($0.84) per share. Capital One Financial also issued estimates for Erasca’s Q3 2024 earnings at ($0.17) EPS, Q4 2024 earnings at ($0.17) EPS, FY2024 earnings at ($0.71) EPS, Q1 2025 earnings at ($0.17) EPS, Q2 2025 earnings at ($0.18) EPS, Q3 2025 earnings at ($0.19) EPS, Q4 2025 earnings at ($0.20) EPS, FY2025 earnings at ($0.74) EPS, FY2026 earnings at ($0.84) EPS, FY2027 earnings at ($0.90) EPS and FY2028 earnings at ($0.55) EPS.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.02).

ERAS has been the topic of a number of other reports. HC Wainwright lowered their price target on Erasca from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Monday. The Goldman Sachs Group lifted their price target on Erasca from $6.00 to $7.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $7.33.

Erasca Price Performance

Shares of NASDAQ:ERAS opened at $2.59 on Thursday. The business’s 50 day moving average price is $2.07 and its 200-day moving average price is $2.03. The firm has a market capitalization of $449.00 million, a PE ratio of -3.08 and a beta of 1.06. Erasca has a 1 year low of $1.51 and a 1 year high of $3.38.

Insider Activity 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 price of $2.27 per share, for a total transaction of $181,600.00. Following the acquisition, the director now directly owns 573,974 shares in the company, valued at $1,302,920.98. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ERAS. CVI Holdings LLC acquired a new position in shares of Erasca during the 1st quarter worth about $3,000,000. Vanguard Group Inc. boosted its position in shares of Erasca by 14.4% during the 1st quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock worth $8,937,000 after acquiring an additional 545,765 shares in the last quarter. Armistice Capital LLC boosted its position in shares of Erasca by 6.4% during the 3rd quarter. Armistice Capital LLC now owns 8,356,000 shares of the company’s stock worth $16,461,000 after acquiring an additional 500,000 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Erasca by 286.5% in the 1st quarter. Acadian Asset Management LLC now owns 346,953 shares of the company’s stock valued at $713,000 after purchasing an additional 257,174 shares during the period. Finally, Pennant Investors LP acquired a new stake in shares of Erasca in the 4th quarter valued at about $354,000. 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.