Erasca (NASDAQ:ERAS) Hits New 1-Year High – Here’s What Happened

Shares of Erasca, Inc. (NASDAQ:ERAS) hit a new 52-week high on Tuesday . The company traded as high as $13.36 and last traded at $13.2130, with a volume of 416821 shares trading hands. The stock had previously closed at $13.02.

Analyst Ratings Changes

Several equities analysts have weighed in on ERAS shares. HC Wainwright lifted their target price on Erasca from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a research report on Thursday, January 22nd. Mizuho started coverage on shares of Erasca in a research note on Tuesday, January 27th. They set an “outperform” rating and a $16.00 target price for the company. Guggenheim reaffirmed a “buy” rating and issued a $12.00 price target on shares of Erasca in a research note on Tuesday, January 27th. Finally, Morgan Stanley set a $10.00 price objective 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.22.

Erasca Stock Performance

The company has a market cap of $4.09 billion, a P/E ratio of -29.37 and a beta of 1.21. The firm has a 50 day moving average price of $8.56 and a 200-day moving average price of $4.48.

Insider Buying and Selling

In other Erasca news, General Counsel Ebun Garner sold 120,000 shares of the business’s stock in a transaction 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 owned 25,076 shares of the company’s stock, valued at $140,174.84. The trade was a 82.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 14.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Erasca

A number of institutional investors have recently made changes to their positions in ERAS. BNP Paribas Financial Markets grew its stake in shares of Erasca by 58.0% in the second quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock worth $27,000 after acquiring an additional 7,923 shares during the last quarter. EP Wealth Advisors LLC acquired a new stake in Erasca in the 2nd quarter worth $29,000. Russell Investments Group Ltd. acquired a new stake in Erasca in the 3rd quarter worth $31,000. SG Americas Securities LLC bought a new position in shares of Erasca during the 3rd quarter worth about $32,000. Finally, Crowley Wealth Management Inc. bought a new position in shares of Erasca during the 3rd quarter worth about $33,000. 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.