Erasca (NASDAQ:ERAS) Hits New 1-Year High – Should You Buy?

Erasca, Inc. (NASDAQ:ERAS)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $14.50 and last traded at $14.4080, with a volume of 1998531 shares changing hands. The stock had previously closed at $13.66.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. HC Wainwright upped their price objective on shares of Erasca from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Guggenheim reiterated a “buy” rating and set a $12.00 price target on shares of Erasca in a report on Tuesday, January 27th. Mizuho assumed coverage on Erasca in a research note on Tuesday, January 27th. They issued an “outperform” rating and a $16.00 price target for the company. Piper Sandler raised their price objective on Erasca from $5.00 to $11.00 and gave the company an “overweight” rating in a report on Friday, January 16th. Finally, Morgan Stanley set a $10.00 target price on Erasca in a report on Monday, January 26th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Erasca has a consensus rating of “Moderate Buy” and an average price target of $9.22.

Erasca Trading Up 6.4%

The firm has a market capitalization of $4.50 billion, a P/E ratio of -32.29 and a beta of 1.16. The company has a 50-day moving average of $8.96 and a 200-day moving average of $4.67.

Insider Activity at Erasca

In related news, General Counsel Ebun Garner sold 120,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The stock was 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 $140,174.84. This represents a 82.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 14.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Erasca

Large investors have recently modified their holdings of the company. Frazier Life Sciences Management L.P. lifted its holdings in Erasca by 0.7% in the second quarter. Frazier Life Sciences Management L.P. now owns 22,729,436 shares of the company’s stock valued at $28,866,000 after buying an additional 153,585 shares during the period. VR Adviser LLC raised 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 worth $22,678,000 after acquiring an additional 1,640,867 shares in the last quarter. Paradigm Biocapital Advisors LP lifted its stake in shares of Erasca by 4.4% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 14,159,095 shares of the company’s stock valued at $52,672,000 after purchasing an additional 599,078 shares during the period. Vanguard Group Inc. boosted its position in shares of Erasca by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,811,832 shares of the company’s stock valued at $27,930,000 after purchasing an additional 116,235 shares in the last quarter. Finally, Vivo Capital LLC grew its stake in Erasca by 37.2% during the third quarter. Vivo Capital LLC now owns 9,273,428 shares of the company’s stock worth $20,216,000 after purchasing an additional 2,516,672 shares during the period. 67.78% of the stock is currently owned by institutional investors and hedge funds.

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.