Erasca (NASDAQ:ERAS) Sets New 12-Month High – Should You Buy?

Erasca, Inc. (NASDAQ:ERAS)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $12.71 and last traded at $12.62, with a volume of 146775 shares trading hands. The stock had previously closed at $12.45.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ERAS shares. HC Wainwright boosted their price target on Erasca from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Morgan Stanley set a $10.00 target price on shares of Erasca in a research report on Monday, January 26th. Stifel Nicolaus set a $10.00 target price on shares of Erasca in a research note on Monday, January 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research note on Thursday, January 22nd. Finally, Guggenheim reiterated a “buy” rating and issued a $12.00 price objective on shares of Erasca in a report on Tuesday, January 27th. 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 stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $9.22.

Erasca Stock Up 1.9%

The firm has a market cap of $3.93 billion, a P/E ratio of -28.51 and a beta of 1.21. The business’s 50 day moving average is $7.42 and its 200-day moving average is $4.01.

Insider Activity

In related news, General Counsel Ebun Garner sold 120,000 shares of Erasca stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $5.59, for a total value of $670,800.00. Following the completion of the transaction, the general counsel directly owned 25,076 shares in the company, valued at approximately $140,174.84. This trade represents a 82.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 14.40% of the company’s stock.

Institutional Trading of Erasca

Institutional investors and hedge funds have recently bought and sold shares of the company. Affinity Asset Advisors LLC increased its holdings in shares of Erasca by 22.3% in the 2nd quarter. Affinity Asset Advisors LLC now owns 4,085,787 shares of the company’s stock valued at $5,189,000 after acquiring an additional 744,268 shares during the last quarter. Savant Capital LLC bought a new position in Erasca during the second quarter worth $87,000. Vanguard Personalized Indexing Management LLC boosted its holdings in Erasca by 130.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 36,362 shares of the company’s stock worth $46,000 after purchasing an additional 20,558 shares during the period. Frazier Life Sciences Management L.P. raised its holdings in shares of Erasca by 0.7% during the second quarter. Frazier Life Sciences Management L.P. now owns 22,729,436 shares of the company’s stock worth $28,866,000 after purchasing an additional 153,585 shares during the period. Finally, Dynamic Technology Lab Private Ltd lifted its position in shares of Erasca by 180.8% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 29,177 shares of the company’s stock worth $37,000 after buying an additional 18,788 shares during the last quarter. Institutional investors and hedge funds own 67.78% of the company’s stock.

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.