Erasca (NASDAQ:ERAS) Hits New 52-Week High – Still a Buy?

Shares of Erasca, Inc. (NASDAQ:ERAS) reached a new 52-week high on Tuesday . The stock 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.

Analyst Upgrades and Downgrades

ERAS has been the topic of several research analyst reports. HC Wainwright boosted their target price on shares of Erasca from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Piper Sandler lifted their price target on shares of Erasca from $5.00 to $11.00 and gave the company an “overweight” rating in a report on Friday, January 16th. Guggenheim reissued a “buy” rating and set a $12.00 price objective on shares of Erasca in a report on Tuesday, January 27th. Mizuho assumed coverage on Erasca in a report on Tuesday, January 27th. They issued an “outperform” rating and a $16.00 target price on the stock. Finally, Morgan Stanley set a $10.00 target price on Erasca in a research report on Monday, January 26th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $9.22.

Erasca Stock Performance

The business’s fifty day moving average price is $5.51 and its two-hundred day moving average price is $3.22. The stock has a market capitalization of $3.28 billion, a P/E ratio of -23.58 and a beta of 1.20.

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

Insider Buying and Selling at Erasca

In other news, General Counsel Ebun Garner sold 120,000 shares of the business’s 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 transaction, the general counsel owned 25,076 shares of the company’s stock, valued at approximately $140,174.84. The trade was a 82.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 14.40% of the company’s stock.

Institutional Investors Weigh In On Erasca

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vivo Capital LLC lifted its holdings in shares of Erasca by 37.2% in the 3rd quarter. Vivo Capital LLC now owns 9,273,428 shares of the company’s stock worth $20,216,000 after acquiring an additional 2,516,672 shares during the last quarter. Paradigm Biocapital Advisors LP raised its position in Erasca by 13.9% in the 3rd quarter. Paradigm Biocapital Advisors LP now owns 13,560,017 shares of the company’s stock worth $29,561,000 after purchasing an additional 1,652,835 shares during the period. VR Adviser LLC lifted its stake in Erasca by 10.1% in the second quarter. VR Adviser LLC now owns 17,857,083 shares of the company’s stock worth $22,678,000 after purchasing an additional 1,640,867 shares during the last quarter. Affinity Asset Advisors LLC boosted its position in shares of 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 buying an additional 744,268 shares during the period. Finally, AQR Capital Management LLC grew its stake in shares of Erasca by 594.8% during the first quarter. AQR Capital Management LLC now owns 396,202 shares of the company’s stock valued at $543,000 after buying an additional 339,177 shares during the last quarter. Hedge funds and other 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.