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Does Erasca Inc. (NASDAQ: ERAS) Still Need To Convince Analysts?

Erasca Inc. (NASDAQ:ERAS) traded at $3.89 at close of the session on Monday, 01/23/23, made an upward move of 1.30% on its previous day’s price.

Looking at the stock we see that its previous close was $3.84 with the day’s price range being $3.75 – $3.92. In terms of its 52-week price range, ERAS has a high of $12.80 and a low of $3.60. The company’s stock has lost about -10.37% over that past 30 days.

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Erasca Inc. has a market cap of $531.41 million. Estimates by analysts give the company expected earnings per share (EPS) of -$0.31, with the EPS growth for the year raised at -$1.22 for 2022 and -$1.39 for next year. These figures represent 34.10% and -13.90% growth in EPS for the two years respectively.

There have been no upward and no downward revisions for the stock’s EPS in last 7 days, something that reflects the nature of company’s price movement in short term. On the other hand, looking at the outlook for the ERAS stock, short term indicators assign the stock an average of 100% Sell, while medium term indicators assign it an average of 100% Sell. Long term indicators on average place the stock in the category of 100% Sell.

Based on estimates by 5 analysts, where scores have ranged from 1.00 for a strong buy to 5.00 for a strong sell, 1 have rated the Erasca Inc. (ERAS) stock as a Hold, while 4 rate it as a Buy. 0 analyst(s) rate it as overweight while 0 of them rated it as underweight, whereas 0 suggest the stock as a Sell. The stock has an overall rating of Buy and investors could take advantage and scoop up stock of the company.

Looking further, we note the current price level is -4.33% off its SMA20 and -31.25% from its 50-day simple moving average. The RSI (14) is pointing at 36.47 while the volatility over the past week is 5.91% and jumps to 8.36% over the past one month. The average price target for the stock over the next 12 months is $18.60, with the estimates having a low of $15.00 and a high of $22.00. These price ends are -285.6% and -465.55% off the current price level respectively, although investors could be excited at the prospect of a -362.72% if the ERAS share price touches on the median price of $18.00.

Let’s briefly compare Erasca Inc. (ERAS) stock to its peers. We find that current price change of 1.30% and -65.91% over the past 12 months for ERAS competes that of Johnson & Johnson (JNJ), which has seen its stock price fall -0.25% in the last trading session and was 1.85% over the last one year. Another of its peers Eli Lilly and Company (LLY) has dropped -1.12% previous session, and was 40.75% up over the past year, while Merck & Co. Inc. (MRK) was also down -0.05% in the last session, while its price remained in the green at 36.07% over the same period. In contrast to these companies, both the S&P 500 Index and the Dow Jones Industrial were at 1.19% and 0.76%, respectively, at close of the trading.

Coming back to Erasca Inc. (NASDAQ:ERAS), we note that the average 3-month trading volume was 1.08 million, while that of the preceding 10-day period stands at 1.06 million. Current shares outstanding are 120.80 million.

The insiders hold 0.30% of the company’s shares while institutions hold 72.30%. The data shows that short shares as of Oct 13, 2022, stood at 17.52 million at a short ratio of 24.78. This represents a 14.34% short interest in shares outstanding on Oct 13, 2022. Shares short rose in October from the previous month at 16.49 million. Investors should be excited about this stock as its upside potential is great, with current price pushing the stock -9.74% down in year-to-date price movement.

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