Erasca (NASDAQ:ERAS) Reaches New 52-Week High – Should You Buy?

Erasca, Inc. (NASDAQ:ERAS) reached a new 52-week high on Tuesday . The company traded as high as $10.42 and last traded at $10.0850, with a volume of 2295254 shares traded. The stock had previously closed at $9.62.

Analysts Set New Price Targets

A number of research analysts have commented on ERAS shares. Mizuho boosted their target price on Erasca from $4.00 to $5.00 and gave the company an “outperform” rating in a research note on Tuesday, December 9th. HC Wainwright lifted their price target on Erasca from $6.00 to $11.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Stifel Nicolaus set a $10.00 price objective on Erasca in a report on Monday, January 12th. Morgan Stanley set a $4.00 price objective on shares of Erasca in a research report on Thursday, January 8th. Finally, Piper Sandler lifted their target price on shares of Erasca from $5.00 to $11.00 and gave the company an “overweight” rating in a research note on Friday. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Erasca has an average rating of “Moderate Buy” and an average target price of $6.11.

Erasca Stock Performance

The stock has a 50 day moving average of $4.02 and a two-hundred day moving average of $2.61. The firm has a market capitalization of $2.78 billion, a P/E ratio of -21.80 and a beta of 1.15.

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

Insider Transactions at Erasca

In related 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 transaction, the general counsel owned 25,076 shares in the company, valued at $140,174.84. This trade represents a 82.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 14.40% of the company’s stock.

Institutional Investors Weigh In On Erasca

A number of hedge funds have recently bought and sold shares of the company. Affinity Asset Advisors LLC lifted its position in shares of 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 during the last quarter. Palumbo Wealth Management LLC increased its position in Erasca by 178.0% in the 2nd quarter. Palumbo Wealth Management LLC now owns 120,466 shares of the company’s stock worth $153,000 after buying an additional 77,135 shares during the period. Frazier Life Sciences Management L.P. raised its holdings in Erasca by 0.7% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 22,729,436 shares of the company’s stock valued at $28,866,000 after acquiring an additional 153,585 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in shares of Erasca by 130.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 36,362 shares of the company’s stock worth $46,000 after acquiring an additional 20,558 shares during the period. Finally, Savant Capital LLC acquired a new stake in shares of Erasca during the 2nd quarter worth approximately $87,000. 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.