Erasca (NASDAQ:ERAS) Reaches New 52-Week High - Here's What Happened

Key Points

• Erasca hit a new 52-week high, trading as high as $19.44 and last at $19.044 on volume of about 1.10M shares, up from the prior close of $17.85.
• Analysts have been raising targets—HC Wainwright and Guggenheim to $20 and Mizuho to $19—and the consensus rating is a Moderate Buy with an average target of $16.63 (7 Buys, 1 Hold, 2 Sells).
• Insiders have recently sold stock (Ebun Garner 80,000 shares at $16.40; Shannon Morris 20,000 at $15.04), while insiders own 14.4% and institutional investors own roughly 67.8% of the company.

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $19.44 and last traded at $19.0440, with a volume of 1099165 shares changing hands. The stock had previously closed at $17.85.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. HC Wainwright lifted their price target on Erasca from $15.00 to $20.00 and gave the company a "buy" rating in a research note on Friday, March 13th. Weiss Ratings restated a "sell (d-)" rating on shares of Erasca in a research report on Thursday, January 22nd. Mizuho boosted their price objective on Erasca from $16.00 to $19.00 and gave the stock an "outperform" rating in a research report on Friday, March 13th. Morgan Stanley set a $10.00 price objective on Erasca in a research report on Monday, January 26th. Finally, Guggenheim boosted their price objective on Erasca from $12.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, March 16th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $16.63.

Erasca Trading Up 2.2%

The business has a 50-day moving average of $14.46 and a two-hundred day moving average of $7.81. The firm has a market cap of $5.67 billion, a P/E ratio of -41.49 and a beta of 1.04.

Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings results on Thursday, March 19th. The company reported ($0.10) EPS for the quarter, beating analysts' consensus estimates of ($0.11) by $0.01. As a group, equities analysts expect that Erasca, Inc. will post -0.73 EPS for the current year.

Insider Transactions at Erasca

In other Erasca news, insider Ebun Garner sold 80,000 shares of the company's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $16.40, for a total value of $1,312,000.00. Following the sale, the insider owned 25,076 shares in the company, valued at approximately $411,246.40. The trade was a 76.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Shannon Morris sold 20,000 shares of the company's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $15.04, for a total value of $300,800.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 14.40% of the company's stock.

Institutional Investors Weigh In On Erasca

A number of institutional investors have recently made changes to their positions in ERAS. Spruce Street Capital LP bought a new stake in shares of Erasca in the 4th quarter valued at about $14,469,000. Vivo Capital LLC lifted its stake 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 valued at $20,216,000 after purchasing an additional 2,516,672 shares during the period. State Street Corp lifted its stake in shares of Erasca by 53.2% in the 4th quarter. State Street Corp now owns 6,174,642 shares of the company's stock valued at $22,970,000 after purchasing an additional 2,145,386 shares during the period. Paradigm Biocapital Advisors LP lifted its stake in shares of Erasca by 13.9% in the 3rd quarter. Paradigm Biocapital Advisors LP now owns 13,560,017 shares of the company's stock valued at $29,561,000 after purchasing an additional 1,652,835 shares during the period. Finally, VR Adviser LLC lifted its stake in shares of Erasca by 10.1% in the 2nd quarter. VR Adviser LLC now owns 17,857,083 shares of the company's stock valued at $22,678,000 after purchasing an additional 1,640,867 shares during the period. 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.

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