Erasca (NASDAQ:ERAS) Reaches New 52-Week High Following Analyst Upgrade

Shares of Erasca, Inc. (NASDAQ:ERAS) reached a new 52-week high during mid-day trading on Tuesday after HC Wainwright raised their price target on the stock from $6.00 to $11.00. HC Wainwright currently has a buy rating on the stock. Erasca traded as high as $6.86 and last traded at $6.23, with a volume of 5772994 shares changing hands. The stock had previously closed at $6.76.

A number of other research analysts have also commented on ERAS. Piper Sandler initiated coverage on Erasca in a research report on Wednesday, January 7th. They issued an “overweight” rating and a $5.00 price objective on the stock. Wall Street Zen raised Erasca from a “sell” rating to a “hold” rating in a research note on Sunday, September 21st. Morgan Stanley set a $4.00 price target on Erasca in a report on Thursday, January 8th. Stifel Nicolaus set a $10.00 price objective on Erasca in a report on Monday. Finally, Mizuho upped their target price on shares of Erasca from $4.00 to $5.00 and gave the company an “outperform” rating in a research report on Tuesday, December 9th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $5.44.

Insider Activity at Erasca

In related news, General Counsel Ebun Garner sold 120,000 shares of the firm’s stock in a transaction 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 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 14.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Erasca

Several institutional investors have recently modified their holdings of the business. Frazier Life Sciences Management L.P. increased its stake in Erasca by 0.7% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 22,729,436 shares of the company’s stock worth $28,866,000 after purchasing an additional 153,585 shares in the last quarter. VR Adviser LLC boosted its holdings in shares of Erasca by 10.1% in the second quarter. VR Adviser LLC now owns 17,857,083 shares of the company’s stock valued at $22,678,000 after buying an additional 1,640,867 shares during the period. Paradigm Biocapital Advisors LP increased its position in shares of Erasca by 13.9% during the third quarter. Paradigm Biocapital Advisors LP now owns 13,560,017 shares of the company’s stock worth $29,561,000 after acquiring an additional 1,652,835 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Erasca by 0.9% during the third quarter. Vanguard Group Inc. now owns 12,811,832 shares of the company’s stock worth $27,930,000 after acquiring an additional 116,235 shares during the period. Finally, Vivo Capital LLC boosted its stake in 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 purchasing an additional 2,516,672 shares during the period. Institutional investors own 67.78% of the company’s stock.

Erasca Stock Performance

The stock has a fifty day simple moving average of $3.58 and a 200-day simple moving average of $2.42. The stock has a market cap of $2.36 billion, a P/E ratio of -18.47 and a beta of 1.15.

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

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.