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

Shares of Erasca, Inc. (NASDAQ:ERAS) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $10.95 and last traded at $10.61, with a volume of 7148920 shares. The stock had previously closed at $10.51.

Wall Street Analyst Weigh In

ERAS has been the topic of a number of recent analyst reports. Stifel Nicolaus set a $10.00 target price on Erasca in a research note on Monday, January 12th. HC Wainwright raised their price target on shares of Erasca from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Morgan Stanley set a $10.00 price objective on shares of Erasca in a research report on Monday, January 26th. Mizuho initiated coverage on shares of Erasca in a research report on Tuesday, January 27th. They set an “outperform” rating and a $16.00 target price on the stock. Finally, Piper Sandler boosted their price target on Erasca from $5.00 to $11.00 and gave the company 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $9.22.

Erasca Stock Performance

The firm has a market cap of $3.28 billion, a P/E ratio of -23.58 and a beta of 1.20. The firm’s fifty day moving average price is $5.51 and its 200 day moving average price is $3.22.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.11). As a group, analysts expect that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Ebun Garner sold 120,000 shares of Erasca stock in a transaction 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 transaction, the general counsel directly owned 25,076 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Corporate insiders own 14.40% of the company’s stock.

Hedge Funds Weigh In On Erasca

Several institutional investors and hedge funds have recently added to or reduced their stakes in ERAS. Affinity Asset Advisors LLC lifted its position in Erasca by 22.3% during the second quarter. Affinity Asset Advisors LLC now owns 4,085,787 shares of the company’s stock valued at $5,189,000 after acquiring an additional 744,268 shares during the last quarter. Frazier Life Sciences Management L.P. grew 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 worth $28,866,000 after purchasing an additional 153,585 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of Erasca by 130.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 36,362 shares of the company’s stock worth $46,000 after purchasing an additional 20,558 shares in the last quarter. Savant Capital LLC acquired a new position in Erasca during the 2nd quarter valued at about $87,000. Finally, Dynamic Technology Lab Private Ltd grew its stake in shares of Erasca by 180.8% during the second quarter. Dynamic Technology Lab Private Ltd now owns 29,177 shares of the company’s stock worth $37,000 after acquiring an additional 18,788 shares during the last quarter. Hedge funds and other institutional investors 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.