Erasca Inc (NASDAQ: ERAS) stock jumped 3.15% on Friday to $2.29 against a previous-day closing price of $2.22. With 0.52 million shares changed hands, the volume of the stock remained lighter than its average volume of 0.62 million shares. During the session, the Biotechnology company that operates in wider Healthcare sector, reached to the highest price of $2.4100 whereas the lowest price it dropped to was $2.2350. The 52-week range on ERAS shows that it touched its highest point at $8.15 and its lowest point at $1.82 during that stretch. It currently has a 1-year price target of $9.71. Beta for the stock currently stands at 1.05.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of ERAS was up-trending over the past week, with a rise of 13.93%, but this was up by 2.69% over a month. Three-month performance dropped to -12.93% while six-month performance fell -17.03%. The stock lost -69.47% in the past year, while it has lost -46.87% so far this year. A look at the trailing 12-month EPS for ERAS yields -1.70 with Next year EPS estimates of -1.07. For the next quarter, that number is -0.23. This implies an EPS growth rate of 52.13% for this year and -12.80% for next year.
Float and Shares Shorts:
At present, 149.33 million ERAS shares are outstanding with a float of 93.58 million shares on hand for trading. On Oct 30, 2023, short shares totaled 7.87 million, which was 5.21% higher than short shares on Sep 28, 2023. In addition to Dr. Jonathan E. Lim M.D. as the firm’s Co-Founder, Chairman & CEO, Dr. David M. Chacko M.D. serves as its CFO & Chief Business Officer.
Through their ownership of 63.51% of ERAS’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 9.61% of ERAS, in contrast to 29.57% held by mutual funds. Shares owned by individuals account for 29.03%. As the largest shareholder in ERAS with 7.16% of the stake, Cormorant Asset Management LP holds 10,813,246 shares worth 10,813,246. A second-largest stockholder of ERAS, Armistice Capital LLC, holds 8,356,000 shares, controlling over 5.53% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in ERAS, holding 6,223,347 shares or 4.12% stake. With a 1.26% stake in ERAS, the iShares Russell 2000 ETF is the largest stakeholder. A total of 1,902,842 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 1.21% of ERAS stock, is the second-largest Mutual Fund holder. It holds 1,830,279 shares valued at 4.23 million. Vanguard Extended Market Index Fu holds 0.65% of the stake in ERAS, owning 985,996 shares worth 2.28 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for ERAS since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With ERAS analysts setting a high price target of $15.00 and a low target of $6.00, the average target price over the next 12 months is $9.71. Based on these targets, ERAS could surge 555.02% to reach the target high and rise by 162.01% to reach the target low. Reaching the average price target will result in a growth of 324.02% from current levels.
Summary of Insider Activity:
Insiders traded ERAS stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 16 while that of sell transactions has risen to 1 over the past year. The total number of shares bought during that period was 991,274 while 2,000,006 shares were sold.