Erasca (NASDAQ:ERAS) Sets New 52-Week High on Analyst Upgrade

Shares of Erasca, Inc. (NASDAQ:ERAS) hit a new 52-week high during trading on Tuesday after HC Wainwright raised their price target on the stock from $6.00 to $11.00. HC Wainwright currently has a buy rating on the stock. Erasca traded as high as $6.86 and last traded at $6.23, with a volume of 5772994 shares. The stock had previously closed at $6.76.

Several other equities analysts have also recently issued reports on the stock. Wall Street Zen upgraded shares of Erasca from a “sell” rating to a “hold” rating in a research note on Sunday, September 21st. Mizuho increased their price objective on shares of Erasca from $4.00 to $5.00 and gave the company an “outperform” rating in a research report on Tuesday, December 9th. Guggenheim lifted their target price on shares of Erasca from $3.00 to $5.00 and gave the stock a “buy” rating in a research report on Friday, November 14th. Stifel Nicolaus set a $10.00 target price on shares of Erasca in a research note on Monday. Finally, Piper Sandler began coverage on Erasca in a report on Wednesday, January 7th. They set an “overweight” rating and a $5.00 price target on the stock. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $5.44.

Insiders Place Their Bets

In other Erasca news, General Counsel Ebun Garner sold 120,000 shares of Erasca stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $5.59, for a total value of $670,800.00. Following the sale, the general counsel directly owned 25,076 shares in the company, valued at approximately $140,174.84. The trade was a 82.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 14.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ERAS. Captrust Financial Advisors lifted its stake in shares of Erasca by 13.6% in the 2nd quarter. Captrust Financial Advisors now owns 54,111 shares of the company’s stock valued at $69,000 after purchasing an additional 6,486 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Erasca by 58.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock valued at $27,000 after purchasing an additional 7,923 shares during the last quarter. New York State Common Retirement Fund raised its holdings in Erasca by 39.1% during the 2nd quarter. New York State Common Retirement Fund now owns 37,360 shares of the company’s stock valued at $47,000 after buying an additional 10,501 shares during the period. Sio Capital Management LLC lifted its position in Erasca by 1.0% in the second quarter. Sio Capital Management LLC now owns 1,369,748 shares of the company’s stock worth $1,740,000 after buying an additional 13,562 shares during the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in Erasca during the third quarter worth $31,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Erasca Price Performance

The firm has a market cap of $2.36 billion, a P/E ratio of -18.47 and a beta of 1.15. The stock’s 50-day simple moving average is $3.58 and its two-hundred day simple moving average is $2.42.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, hitting analysts’ consensus estimates of ($0.11). As a group, sell-side analysts expect that Erasca, Inc. will post -0.73 earnings per share for the current year.

About Erasca

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.