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

Erasca, Inc. (NASDAQ:ERAS) shares reached a new 52-week high on Wednesday . The stock traded as high as $12.71 and last traded at $12.62, with a volume of 146775 shares traded. The stock had previously closed at $12.45.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ERAS. Morgan Stanley set a $10.00 price target on Erasca in a research report on Monday, January 26th. Stifel Nicolaus set a $10.00 target price on Erasca in a research note on Monday, January 12th. Guggenheim reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Erasca in a report on Tuesday, January 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a research report on Thursday, January 22nd. Finally, Mizuho started coverage on shares of Erasca in a research report on Tuesday, January 27th. They set an “outperform” rating and a $16.00 price target on the stock. Seven investment 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 MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $9.22.

Erasca Stock Up 1.9%

The firm’s 50-day simple moving average is $7.42 and its 200 day simple moving average is $4.01. The stock has a market capitalization of $3.93 billion, a P/E ratio of -28.51 and a beta of 1.21.

Insider Transactions at Erasca

In other Erasca news, General Counsel Ebun Garner sold 120,000 shares of the company’s 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 owned 25,076 shares of the company’s stock, valued at approximately $140,174.84. This represents a 82.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 14.40% of the company’s stock.

Hedge Funds Weigh In On Erasca

A number of hedge funds and other institutional investors have recently modified their holdings of ERAS. Boothbay Fund Management LLC purchased a new position in shares of Erasca in the fourth quarter worth approximately $701,000. AQR Capital Management LLC grew its position in Erasca by 0.8% during the 4th quarter. AQR Capital Management LLC now owns 669,876 shares of the company’s stock worth $2,492,000 after purchasing an additional 5,537 shares in the last quarter. Abel Hall LLC acquired a new stake in Erasca during the 4th quarter valued at $58,000. Jain Global LLC purchased a new stake in Erasca in the 4th quarter worth about $157,000. Finally, Paradigm Biocapital Advisors LP boosted its holdings in shares of Erasca by 4.4% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 14,159,095 shares of the company’s stock worth $52,672,000 after purchasing an additional 599,078 shares during the period. 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.