Erasca Inc (NASDAQ: ERAS) Stock: Bulls Should Watch This

The trading price of Erasca Inc (NASDAQ:ERAS) closed higher on Monday, April 01, closing at $2.16, 4.85% higher than its previous close.

In examining the 52-week price action we see that the stock hit a 52-week high of $3.38 and a 52-week low of $1.51. Over the past month, the stock has lost -9.24% in value.

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Erasca Inc, whose market valuation is $327.22 million at the time of this writing. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by -$0.21 per share this quarter, however they have predicted annual earnings per share of -$0.94 for 2024 and -$1 for 2025. It means analysts are expecting annual earnings per share growth of -13.30% this year and -6.40% next year.

A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of Erasca Inc 3 upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest ERAS has a 50% Buy on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 50% Sell, while an average of long term indicators suggests that the stock is currently Hold.

A quick review shows that ERAS’s price is currently -0.25% off the SMA20 and 8.49% off the SMA50. The RSI metric on the 14-day chart is currently showing 52.96, and weekly volatility stands at 12.35%. When measured over the past 30 days, the indicator reaches 8.51%. Erasca Inc (NASDAQ:ERAS)’s beta value is currently sitting at 1.10, while the Average True Range indicator is currently displaying 0.19.

To see how Erasca Inc stock has been performing in comparison to its peers in the industry, here are the numbers: ERAS stock’s performance was 4.85% in the latest trading, and -27.03% in the past year.

An evaluation of the daily trading volume of Erasca Inc (NASDAQ:ERAS) indicates that the 3-month average is 796.82K. However, this figure has increased over the past 10 days to an average of 0.63 million.

Currently, records show that 151.09 million of the company’s shares remain outstanding. The insiders hold 40.74% of outstanding shares, whereas institutions hold 37.25%. The stats also highlight that short interest as of Mar 15, 2024, stood at 9.02 million shares, resulting in a short ratio of 7.78 at that time. From this, we can conclude that short interest is 5.97% of the company’s total outstanding shares. It is noteworthy that short shares in March were down slightly from the previous month’s figure, which was 10.27 million. However, since the stock’s price has seen 1.41% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.