Erasca (NASDAQ:ERAS) Hits New 12-Month High – What’s Next?

Shares of Erasca, Inc. (NASDAQ:ERAS) hit a new 52-week high during trading on Wednesday . The stock traded as high as $10.70 and last traded at $10.2530, with a volume of 6906 shares. The stock had previously closed at $10.50.

Analyst Upgrades and Downgrades

ERAS has been the topic of several research reports. Morgan Stanley set a $10.00 price target on shares of Erasca in a research report on Monday. Stifel Nicolaus set a $10.00 target price on shares of Erasca in a research note on Monday, January 12th. HC Wainwright raised their price target on shares of Erasca from $11.00 to $15.00 and gave the company a “buy” rating in a report on Monday. Mizuho initiated coverage on shares of Erasca in a research report on Tuesday. They issued an “outperform” rating and a $16.00 price objective for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a research report on Thursday, January 22nd. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $9.22.

Erasca Stock Down 5.2%

The stock has a market cap of $3.08 billion, a P/E ratio of -22.12 and a beta of 1.15. The stock has a fifty day simple moving average of $4.91 and a 200-day simple moving average of $2.97.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, meeting analysts’ consensus estimates of ($0.11). Sell-side analysts anticipate that Erasca, Inc. will post -0.73 earnings per share for the current year.

Insiders Place Their Bets

In other 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 transaction of $670,800.00. Following the transaction, the general counsel directly owned 25,076 shares of the company’s stock, valued at $140,174.84. This trade represents a 82.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 14.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ERAS. Vivo Capital LLC grew its stake in Erasca by 37.2% in the third quarter. Vivo Capital LLC now owns 9,273,428 shares of the company’s stock valued at $20,216,000 after acquiring an additional 2,516,672 shares during the period. Paradigm Biocapital Advisors LP lifted its holdings in shares of Erasca by 13.9% during the 3rd quarter. Paradigm Biocapital Advisors LP now owns 13,560,017 shares of the company’s stock valued at $29,561,000 after purchasing an additional 1,652,835 shares in the last quarter. VR Adviser LLC grew its position in shares of Erasca by 10.1% in the 2nd quarter. VR Adviser LLC now owns 17,857,083 shares of the company’s stock valued at $22,678,000 after purchasing an additional 1,640,867 shares during the period. Affinity Asset Advisors LLC increased its stake in Erasca by 22.3% during the 2nd quarter. Affinity Asset Advisors LLC now owns 4,085,787 shares of the company’s stock worth $5,189,000 after purchasing an additional 744,268 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in Erasca by 594.8% during the 1st quarter. AQR Capital Management LLC now owns 396,202 shares of the company’s stock worth $543,000 after purchasing an additional 339,177 shares in the last quarter. 67.78% of the stock is currently owned by institutional investors.

Erasca Company Profile

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.