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

Key Points

• 52-week high: Erasca shares reached a new 52-week high of $21.85 (last $21.71) on heavy volume, up about 14.2%, with a market cap near $6.75 billion and 50-/200-day moving averages of $15.05 and $8.29.
• Analyst backdrop: Seven analysts rate the stock a Buy, one Hold and two Sell, producing a consensus of Moderate Buy and an average target of $16.63, while several firms (Mizuho, Piper Sandler, Guggenheim) recently raised targets into the $18–$20 range.
• Insider and institutional activity: Insiders sold a total of 100,000 shares in recent filings (20,000 and 80,000), insider ownership is 14.40%, and institutional investors hold about 67.78% of the stock.

Erasca, Inc. (NASDAQ:ERAS - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $21.85 and last traded at $21.71, with a volume of 7604242 shares trading hands. The stock had previously closed at $19.01.

Analyst Upgrades and Downgrades

Several brokerages have commented on ERAS. Mizuho increased their price target on shares of Erasca from $16.00 to $19.00 and gave the company an "outperform" rating in a research note on Friday, March 13th. Citigroup reiterated a "buy" rating on shares of Erasca in a research note on Friday, March 13th. Piper Sandler increased their price target on shares of Erasca from $11.00 to $18.00 and gave the company an "overweight" rating in a research note on Friday, March 13th. Guggenheim increased their price target on shares of Erasca from $12.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, March 16th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Erasca in a research note on Thursday, January 22nd. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $16.63.

Erasca Stock Up 14.2%

The firm has a market capitalization of $6.75 billion, a price-to-earnings ratio of -49.34 and a beta of 1.04. The company has a fifty day moving average price of $15.05 and a two-hundred day moving average price of $8.29.

Erasca (NASDAQ:ERAS - Get Free Report) last posted its quarterly earnings data on Thursday, March 19th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.01. On average, equities analysts anticipate that Erasca, Inc. will post -0.51 earnings per share for the current fiscal year.

Insider Activity at Erasca

In other news, insider Shannon Morris sold 20,000 shares of the stock in a transaction that occurred on 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ebun Garner sold 80,000 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $16.40, for a total value of $1,312,000.00. Following the completion of the sale, the insider directly owned 25,076 shares of the company's stock, valued at $411,246.40. The trade was a 76.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 14.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Erasca

Large investors have recently modified their holdings of the company. SG Americas Securities LLC boosted its holdings in shares of Erasca by 233.3% in the fourth quarter. SG Americas Securities LLC now owns 48,677 shares of the company's stock valued at $181,000 after acquiring an additional 34,072 shares during the period. Russell Investments Group Ltd. acquired a new stake in shares of Erasca in the third quarter valued at approximately $31,000. BNP Paribas Financial Markets lifted its holdings in shares of Erasca by 58.0% during the second quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company's stock worth $27,000 after purchasing an additional 7,923 shares during the period. Spruce Street Capital LP acquired a new stake in shares of Erasca during the fourth quarter worth $14,469,000. Finally, AXQ Capital LP acquired a new stake in shares of Erasca during the fourth quarter worth $76,000. 67.78% of the stock is owned by institutional investors and hedge funds.

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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