Erasca Inc (NASDAQ: ERAS) Stock: Instant Disaster Or Awesome Opportunity?

In the last trading session, 1.07 million shares of the Erasca Inc (NASDAQ:ERAS) were traded, and its beta was 1.09. Most recently the company’s share price was $2.15, and it changed around -$0.01 or -0.46% from the last close, which brings the market valuation of the company to $325.70M. ERAS currently trades at a discount to its 52-week high of $3.38, offering almost -57.21% off that amount. The share price’s 52-week low was $1.51, which indicates that the current value has risen by an impressive 29.77% since then. We note from Erasca Inc’s average daily trading volume that its 10-day average is 0.71 million shares, with the 3-month average coming to 803.79K.

Erasca Inc (NASDAQ:ERAS) trade information

Instantly ERAS has showed a red trend with a performance of -0.46% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 0.94% year-to-date, but still up 3.86% over the last five days. On the other hand, Erasca Inc (NASDAQ:ERAS) is -15.69% down in the 30-day period. We can see from the shorts that 9.02 million shares have been sold at a short interest cover period of 7.78 day(s).

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The consensus price target as assigned by Wall Street analysts is $7, which translates to bulls needing to increase their stock price by 69.29% from its current value. Analyst projections state that ERAS is forecast to be at a low of $7 and a high of $7.

Erasca Inc (ERAS) estimates and forecasts

Erasca Inc share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 9.14 percent over the past six months and at a -19.28% annual growth rate that is well below the industry average of 13.60%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 9.10% in revenue this quarter, and will report a decrease of -4.80% in the next quarter.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -69.36%.

ERAS Dividends

Erasca Inc’s next quarterly earnings report is expected to be released in May.

Erasca Inc (NASDAQ:ERAS)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 23.33% of Erasca Inc shares, and 54.77% of them are in the hands of institutional investors. The stock currently has a share float of 71.43%. Erasca Inc stock is held by 170 institutions, with Arch Venture Management, Llc being the largest institutional investor. By Jun 29, 2023, it held 7.32% of the shares, which is about 11.06 million shares worth $30.51 million.

Cormorant Asset Management, LP, with 7.16% or 10.81 million shares worth $29.84 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Vanguard Small-Cap Index Fund and iShares Russell 2000 ETF were the top two Mutual Funds as of Jun 29, 2023. The former held 1.95 million shares worth $5.37 million, making up 1.29% of all outstanding shares. On the other hand, iShares Russell 2000 ETF held roughly 1.87 million shares worth around $4.85 million, which represents about 1.24% of the total shares outstanding.