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

Erasca, Inc. (NASDAQ:ERAS) shares reached a new 52-week high on Wednesday . The company traded as high as $16.50 and last traded at $16.4470, with a volume of 6693 shares trading hands. The stock had previously closed at $16.18.

Analyst Ratings Changes

ERAS has been the subject of a number of recent analyst reports. Mizuho increased their price objective on Erasca from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, March 13th. HC Wainwright boosted their price target on Erasca from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, March 13th. Guggenheim increased their price target on Erasca from $12.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, March 16th. Morgan Stanley set a $10.00 price target on Erasca in a report on Monday, January 26th. Finally, Stifel Nicolaus set a $20.00 price objective on shares of Erasca in a research note on Tuesday, March 10th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Erasca presently has an average rating of “Moderate Buy” and an average target price of $16.63.

Erasca Price Performance

The stock has a market cap of $5.54 billion, a P/E ratio of -40.48 and a beta of 1.04. The company has a fifty day moving average of $13.35 and a 200 day moving average of $6.87.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Thursday, March 19th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. As a group, analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current year.

Insider Transactions at Erasca

In other Erasca news, insider Shannon Morris sold 20,000 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $15.04, for a total value of $300,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Ebun Garner sold 120,000 shares of Erasca stock in a transaction that occurred on Wednesday, January 7th. The stock was 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 in the company, valued at $140,174.84. This represents a 82.72% decrease in their position. The SEC filing for this sale provides additional information. 14.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Erasca

Institutional investors and hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC boosted its stake in shares of Erasca by 594.8% during the 1st quarter. AQR Capital Management LLC now owns 396,202 shares of the company’s stock worth $543,000 after acquiring an additional 339,177 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Erasca by 1.6% during the second quarter. Geode Capital Management LLC now owns 4,835,642 shares of the company’s stock worth $6,143,000 after purchasing an additional 77,790 shares during the period. Creative Planning lifted its holdings in shares of Erasca by 423.3% during the second quarter. Creative Planning now owns 244,332 shares of the company’s stock valued at $310,000 after purchasing an additional 197,637 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Erasca by 39.1% during the second quarter. New York State Common Retirement Fund now owns 37,360 shares of the company’s stock valued at $47,000 after purchasing an additional 10,501 shares during the last quarter. Finally, Panagora Asset Management Inc. acquired a new position in shares of Erasca in the 2nd quarter valued at $63,000. Institutional investors and hedge funds 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.