Erasca (NASDAQ:ERAS) Sets New 12-Month High at $3.38

Shares of Erasca, Inc. (NASDAQ:ERAS) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $3.38 and last traded at $3.36, with a volume of 54846 shares trading hands. The stock had previously closed at $3.27.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. The Goldman Sachs Group decreased their price objective on shares of Erasca from $7.00 to $4.00 and set a “buy” rating on the stock in a research report on Tuesday, May 28th. HC Wainwright cut their target price on shares of Erasca from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Monday, May 20th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $6.00.

Erasca Stock Performance

The business’s 50 day moving average price is $2.49 and its two-hundred day moving average price is $2.17.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.02). On average, sell-side analysts forecast that Erasca, Inc. will post -0.77 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ERAS. Aaron Wealth Advisors LLC bought a new position in Erasca during the fourth quarter valued at $28,000. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Erasca in the fourth quarter valued at $35,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Erasca by 350.9% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 17,472 shares of the company’s stock valued at $37,000 after acquiring an additional 13,597 shares during the period. RPO LLC purchased a new stake in shares of Erasca in the fourth quarter valued at $44,000. Finally, Edmonds Duncan Registered Investment Advisors LLC raised its stake in shares of Erasca by 41.2% in the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock valued at $81,000 after acquiring an additional 10,000 shares during the period. 67.78% of the stock is owned by hedge funds and other institutional investors.

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.