Erasca (NASDAQ:ERAS) Sets New 1-Year High – Here’s Why

Shares of Erasca, Inc. (NASDAQ:ERAS) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $12.48 and last traded at $12.1910, with a volume of 166990 shares trading hands. The stock had previously closed at $12.29.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ERAS. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a report on Thursday, January 22nd. Stifel Nicolaus set a $10.00 target price on shares of Erasca in a research note on Monday, January 12th. Guggenheim reaffirmed a “buy” rating and set a $12.00 price target on shares of Erasca in a report on Tuesday, January 27th. Morgan Stanley set a $10.00 price objective on shares of Erasca in a report on Monday, January 26th. Finally, Piper Sandler raised their target price on shares of Erasca from $5.00 to $11.00 and gave the stock an “overweight” rating in a report on Friday, January 16th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $9.22.

Erasca Stock Performance

The stock has a market cap of $3.70 billion, a P/E ratio of -26.56 and a beta of 1.21. The stock’s fifty day moving average is $6.54 and its 200 day moving average is $3.64.

Erasca (NASDAQ:ERAS) last released its earnings results on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, meeting analysts’ consensus estimates of ($0.11). Equities research analysts predict that Erasca, Inc. will post -0.73 EPS for the current year.

Insider Buying and Selling

In related news, General Counsel Ebun Garner sold 120,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $140,174.84. This trade represents a 82.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 14.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Erasca

A number of institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets raised its stake in shares of Erasca by 58.0% during the second quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock valued at $27,000 after acquiring an additional 7,923 shares in the last quarter. EP Wealth Advisors LLC purchased a new position in Erasca during the 2nd quarter worth $29,000. Russell Investments Group Ltd. bought a new stake in Erasca during the 3rd quarter valued at $31,000. SG Americas Securities LLC bought a new stake in Erasca during the 3rd quarter valued at $32,000. Finally, Crowley Wealth Management Inc. purchased a new stake in shares of Erasca in the 3rd quarter worth $33,000. 67.78% of the stock is owned by hedge funds and other 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.