Erasca (NASDAQ:ERAS) Reaches New 12-Month High – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $16.50 and last traded at $16.4470, with a volume of 6693 shares trading hands. The stock had previously closed at $16.18.

Analysts Set New Price Targets

ERAS has been the topic of several research reports. Mizuho boosted their price target on Erasca from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, March 13th. Citigroup reiterated a “buy” rating on shares of Erasca in a research report on Friday, March 13th. JPMorgan Chase & Co. boosted their target price on shares of Erasca from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Wednesday, March 18th. Guggenheim upped their price target on shares of Erasca from $12.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, March 16th. Finally, Piper Sandler raised 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. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $16.63.

Erasca Trading Up 1.5%

The stock has a market cap of $5.10 billion, a P/E ratio of -37.27 and a beta of 1.16. The business has a 50-day simple moving average of $13.07 and a 200 day simple moving average of $6.73.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Thursday, March 19th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. As a group, equities analysts expect that Erasca, Inc. will post -0.73 earnings per share for the current year.

Insider Activity at Erasca

In other news, General Counsel Ebun Garner sold 120,000 shares of the stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $5.59, for a total transaction of $670,800.00. Following the completion of 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Shannon Morris sold 20,000 shares of Erasca stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $15.04, for a total transaction of $300,800.00. The disclosure for this sale is available in the SEC filing. 14.40% of the stock is currently owned by company insiders.

Institutional Trading of Erasca

A number of large investors have recently bought and sold shares of the business. BNP Paribas Financial Markets raised its position in shares of Erasca by 58.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock worth $27,000 after acquiring an additional 7,923 shares in the last quarter. EP Wealth Advisors LLC acquired a new stake in Erasca during the second quarter worth approximately $29,000. Russell Investments Group Ltd. acquired a new stake in Erasca during the third quarter worth approximately $31,000. SG Americas Securities LLC bought a new stake in Erasca in the third quarter worth approximately $32,000. Finally, Crowley Wealth Management Inc. bought a new stake in Erasca in the third quarter worth approximately $33,000. 67.78% of the stock is currently owned by institutional investors and hedge funds.

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.