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

Erasca, Inc. (NASDAQ:ERAS)’s share price reached a new 52-week high on Wednesday . The company 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.

Analyst Ratings Changes

Several research analysts have issued reports on the company. HC Wainwright increased their price objective on Erasca from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Piper Sandler increased their price target on shares of Erasca from $5.00 to $11.00 and gave the company an “overweight” rating in a report on Friday, January 16th. Morgan Stanley set a $10.00 price objective on shares of Erasca in a research note on Monday, January 26th. Guggenheim reissued a “buy” rating and set a $12.00 price objective on shares of Erasca in a report on Tuesday, January 27th. Finally, Stifel Nicolaus set a $10.00 target price on shares of Erasca in a report on Monday, January 12th. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Erasca presently has an average rating of “Moderate Buy” and a consensus price target of $9.22.

Erasca Trading Up 1.2%

The stock has a market capitalization of $3.88 billion, a price-to-earnings ratio of -27.87 and a beta of 1.21. The stock’s 50 day moving average is $7.97 and its 200 day moving average is $4.21.

Insider Buying and Selling at Erasca

In other news, General Counsel Ebun Garner sold 120,000 shares of the firm’s stock in a transaction that occurred 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 completion of 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 14.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Erasca

A number of institutional investors have recently modified their holdings of ERAS. BNP Paribas Financial Markets lifted 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 buying an additional 7,923 shares during the period. EP Wealth Advisors LLC acquired a new position in Erasca in the 2nd quarter valued at $29,000. Russell Investments Group Ltd. purchased a new position in shares of Erasca during the 3rd quarter worth $31,000. SG Americas Securities LLC acquired a new stake in shares of Erasca during the third quarter worth $32,000. Finally, Crowley Wealth Management Inc. purchased a new stake in shares of Erasca in the third quarter valued at $33,000. 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.