Erasca (NASDAQ:ERAS) Reaches New 12-Month High – Should You Buy?

Shares of Erasca, Inc. (NASDAQ:ERAS) hit a new 52-week high on Monday . The company traded as high as $14.50 and last traded at $14.4080, with a volume of 1998531 shares trading hands. The stock had previously closed at $13.66.

Wall Street Analyst Weigh In

Several equities analysts have commented on ERAS shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Erasca in a research report on Thursday, January 22nd. Mizuho began coverage on Erasca in a report on Tuesday, January 27th. They issued an “outperform” rating and a $16.00 target price for the company. HC Wainwright boosted their target price on Erasca from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Guggenheim reaffirmed a “buy” rating and issued a $12.00 price target on shares of Erasca in a research report on Tuesday, January 27th. Finally, Stifel Nicolaus set a $10.00 target price on shares of Erasca in a research note on Monday, January 12th. 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. According to MarketBeat.com, Erasca has a consensus rating of “Moderate Buy” and an average target price of $9.22.

Erasca Trading Up 7.2%

The firm has a market cap of $4.68 billion, a PE ratio of -33.60 and a beta of 1.16. The business has a fifty day moving average price of $9.39 and a 200 day moving average price of $4.85.

Insider Buying and Selling

In other Erasca 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 sale, the general counsel owned 25,076 shares of the company’s stock, valued at approximately $140,174.84. This trade represents a 82.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 14.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Affinity Asset Advisors LLC boosted its stake in Erasca by 22.3% in 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 in the last quarter. Savant Capital LLC purchased a new stake in shares of Erasca in the 2nd quarter valued at about $87,000. Frazier Life Sciences Management L.P. boosted its position in shares of Erasca by 0.7% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 22,729,436 shares of the company’s stock valued at $28,866,000 after purchasing an additional 153,585 shares during the period. Dynamic Technology Lab Private Ltd grew its stake in Erasca by 180.8% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 29,177 shares of the company’s stock worth $37,000 after buying an additional 18,788 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in Erasca during the second quarter worth approximately $45,000. 67.78% of the stock is owned by hedge funds and other 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.