Erasca (NASDAQ:ERAS) Hits New 52-Week High – Time to Buy?

Shares of Erasca, Inc. (NASDAQ:ERAS) hit a new 52-week high on Tuesday . The stock traded as high as $6.86 and last traded at $6.23, with a volume of 5772994 shares traded. The stock had previously closed at $6.76.

Analysts Set New Price Targets

Several research analysts have commented on the company. Guggenheim boosted their target price on Erasca from $3.00 to $5.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Erasca from a “sell” rating to a “hold” rating in a research note on Sunday, September 21st. Stifel Nicolaus set a $10.00 target price on shares of Erasca in a research report on Monday. Finally, Morgan Stanley set a $4.00 price target on shares of Erasca in a report on Thursday. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Erasca has a consensus rating of “Moderate Buy” and an average price target of $4.89.

Erasca Stock Down 7.8%

The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of -13.84 and a beta of 1.15. The stock has a 50 day moving average of $3.35 and a 200 day moving average of $2.34.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). As a group, sell-side analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Insider Activity

In other news, General Counsel Ebun Garner sold 120,000 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $5.59, for a total value of $670,800.00. Following the completion of the sale, the general counsel directly owned 25,076 shares in the company, valued at $140,174.84. This trade represents a 82.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 14.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its holdings 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 acquired a new stake in Erasca in the 2nd quarter valued at $29,000. Russell Investments Group Ltd. bought a new stake in Erasca during the 3rd quarter valued at $31,000. SG Americas Securities LLC acquired a new position in Erasca during the third quarter worth $32,000. Finally, Crowley Wealth Management Inc. bought a new position in shares of Erasca in the third quarter valued at $33,000. Institutional investors own 67.78% of the company’s stock.

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.