Erasca (NASDAQ:ERAS) Hits New 52-Week High - Time to Buy?

Key Points

• Erasca hit a new 52-week high of $16 intraday and last traded at $15.76 on heavy volume (~4.13M), giving the company a market cap of $4.88 billion and lifting its 50‑/200‑day moving averages to $10.11/$5.14.
• Analyst views are mixed: the consensus is a Moderate Buy with a $9.22 target, but several firms have higher targets (Mizuho $16, HC Wainwright $15, Piper Sandler $11) while a few maintain sell ratings.
• Insider activity shows notable selling (Shannon Morris sold 20,000 shares at $15.04; General Counsel Ebun Garner sold 120,000 shares at $5.59), while institutional investors hold roughly 67.8% of the stock and insiders own 14.4%.

Erasca, Inc. (NASDAQ:ERAS - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $16.00 and last traded at $15.76, with a volume of 4133754 shares changing hands. The stock had previously closed at $15.47.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Stifel Nicolaus set a $10.00 price objective on shares of Erasca in a research report on Monday, January 12th. Mizuho initiated coverage on shares of Erasca in a report on Tuesday, January 27th. They set an "outperform" rating and a $16.00 price target on the stock. Piper Sandler upped their price objective on shares of Erasca from $5.00 to $11.00 and gave the stock an "overweight" rating in a report on Friday, January 16th. Weiss Ratings restated a "sell (d-)" rating on shares of Erasca in a report on Thursday, January 22nd. Finally, HC Wainwright upped their price target on Erasca from $11.00 to $15.00 and gave the stock a "buy" rating in a research note on Monday, January 26th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $9.22.

Erasca Trading Up 1.9%

The stock has a market cap of $4.88 billion, a P/E ratio of -35.02 and a beta of 1.16. The firm's fifty day moving average is $10.11 and its 200 day moving average is $5.14.

Insider Activity

In other news, insider Shannon Morris sold 20,000 shares of Erasca stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $15.04, for a total value of $300,800.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Ebun Garner sold 120,000 shares of the business's stock in a transaction dated 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 directly owned 25,076 shares of the company's stock, valued at $140,174.84. This represents a 82.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 14.40% of the company's stock.

Institutional Investors Weigh In On Erasca

Several hedge funds have recently modified their holdings of ERAS. Neuberger Berman Group LLC increased its position in Erasca by 11.3% during the fourth quarter. Neuberger Berman Group LLC now owns 12,358 shares of the company's stock worth $46,000 after acquiring an additional 1,253 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in Erasca by 25.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,787 shares of the company's stock worth $51,000 after purchasing an additional 2,820 shares during the last quarter. ProShare Advisors LLC increased its holdings in shares of Erasca by 11.1% during the 4th quarter. ProShare Advisors LLC now owns 44,216 shares of the company's stock worth $164,000 after purchasing an additional 4,430 shares during the period. AQR Capital Management LLC raised its position in shares of Erasca by 0.8% during the fourth quarter. AQR Capital Management LLC now owns 669,876 shares of the company's stock valued at $2,492,000 after buying an additional 5,537 shares during the last quarter. Finally, Captrust Financial Advisors raised its position in shares of Erasca by 13.6% during the second quarter. Captrust Financial Advisors now owns 54,111 shares of the company's stock valued at $69,000 after buying an additional 6,486 shares during the last quarter. 67.78% of the stock is owned by institutional investors.

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.

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