Erasca (NASDAQ:ERAS) Hits New 1-Year High – Here’s Why

Shares of Erasca, Inc. (NASDAQ:ERAS) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $10.70 and last traded at $10.2530, with a volume of 6906 shares trading hands. The stock had previously closed at $10.50.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ERAS. Guggenheim reaffirmed a “buy” rating and issued a $12.00 target price on shares of Erasca in a report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Erasca in a research note on Thursday, January 22nd. Piper Sandler upped their target price on shares of Erasca from $5.00 to $11.00 and gave the company an “overweight” rating in a research note on Friday, January 16th. HC Wainwright increased their price target on shares of Erasca from $11.00 to $15.00 and gave the company a “buy” rating in a report on Monday. Finally, Stifel Nicolaus set a $10.00 price objective on shares of Erasca in a report on Monday, January 12th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.22.

Erasca Trading Down 5.2%

The business’s fifty day moving average price is $4.91 and its 200 day moving average price is $2.97. The company has a market capitalization of $3.08 billion, a P/E ratio of -22.12 and a beta of 1.15.

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

Insider Buying and Selling

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 sale, the general counsel directly owned 25,076 shares in the company, valued at $140,174.84. This represents a 82.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 14.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Erasca

A number of hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in Erasca by 25.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,787 shares of the company’s stock worth $51,000 after buying an additional 2,820 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Erasca in the third quarter valued at approximately $31,000. SG Americas Securities LLC acquired a new position in shares of Erasca in the 3rd quarter worth approximately $32,000. Crowley Wealth Management Inc. bought a new stake in Erasca during the 3rd quarter worth approximately $33,000. Finally, Wealthcare Advisory Partners LLC acquired a new stake in Erasca during the 4th quarter valued at $56,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

About Erasca

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.