Erasca (NASDAQ:ERAS) Reaches New 12-Month High at $3.10

Erasca, Inc. (NASDAQ:ERAS) shares hit a new 52-week high on Friday . The company traded as high as $3.10 and last traded at $3.06, with a volume of 2525022 shares. The stock had previously closed at $2.81.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. HC Wainwright dropped their price target on Erasca from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Monday, May 20th. The Goldman Sachs Group dropped their price target on Erasca from $7.00 to $4.00 and set a “buy” rating on the stock in a research note on Tuesday, May 28th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $6.00.

Erasca Stock Performance

The company has a 50 day simple moving average of $2.27 and a two-hundred day simple moving average of $2.11. The company has a market cap of $514.88 million, a PE ratio of -3.60 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last released its earnings results on Wednesday, May 8th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.02). As a group, analysts expect that Erasca, Inc. will post -0.77 earnings per share for the current fiscal year.

Insider Activity at Erasca

In other news, Director Alexander W. Casdin purchased 80,000 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was acquired at an average price of $2.27 per share, with a total value of $181,600.00. Following the purchase, the director now owns 573,974 shares in the company, valued at approximately $1,302,920.98. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Erasca

Large investors have recently made changes to their positions in the company. Aaron Wealth Advisors LLC bought a new stake in shares of Erasca in the 4th quarter valued at approximately $28,000. Vanguard Personalized Indexing Management LLC acquired a new stake in Erasca in the 4th quarter worth approximately $35,000. China Universal Asset Management Co. Ltd. lifted its holdings in Erasca by 350.9% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 17,472 shares of the company’s stock worth $37,000 after purchasing an additional 13,597 shares during the last quarter. RPO LLC acquired a new stake in Erasca in the 4th quarter worth approximately $44,000. Finally, SG Americas Securities LLC lifted its holdings in Erasca by 24.4% in the 4th quarter. SG Americas Securities LLC now owns 47,912 shares of the company’s stock worth $102,000 after purchasing an additional 9,391 shares during the last quarter. Institutional investors own 67.78% of the company’s stock.

About Erasca

Erasca, Inc, a clinical-stage precision oncology company, focuses on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company's lead product is naporafenib which is in phase 1b trial for patients with RAS Q16X solid tumors and plans to initiate a pivotal Phase 3 trial for patients with NRASm melanoma.