Erasca, Inc. (NASDAQ:ERAS) Receives Average Rating of “Hold” from Analysts

Erasca, Inc. (NASDAQ:ERAS) has received a consensus rating of “Hold” from the nine ratings firms that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $4.1250.

A number of analysts have issued reports on the company. Bank of America reaffirmed an “underperform” rating and set a $1.00 price target (down from $4.00) on shares of Erasca in a report on Wednesday, September 3rd. Mizuho upped their price target on Erasca from $4.00 to $5.00 and gave the company an “outperform” rating in a report on Tuesday. Stifel Nicolaus set a $6.00 price objective on shares of Erasca in a report on Thursday, November 6th. Guggenheim upped their target price on shares of Erasca from $3.00 to $5.00 and gave the company a “buy” rating in a report on Friday, November 14th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $2.00 target price (down from $4.00) on shares of Erasca in a research report on Monday, August 18th.

Institutional Trading of Erasca

Institutional investors and hedge funds have recently made changes to their positions in the company. Deutsche Bank AG grew its holdings in shares of Erasca by 20.1% during the first quarter. Deutsche Bank AG now owns 163,052 shares of the company’s stock worth $223,000 after buying an additional 27,282 shares during the last quarter. Wellington Management Group LLP lifted its position in Erasca by 82.6% during the 1st quarter. Wellington Management Group LLP now owns 850,147 shares of the company’s stock worth $1,165,000 after acquiring an additional 384,475 shares during the period. Nuveen LLC purchased a new position in shares of Erasca in the 1st quarter valued at approximately $663,000. Affinity Asset Advisors LLC grew its stake in shares of Erasca by 22.3% in the 2nd quarter. Affinity Asset Advisors LLC now owns 4,085,787 shares of the company’s stock valued at $5,189,000 after purchasing an additional 744,268 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. increased its holdings in shares of Erasca by 16.4% in the first quarter. Frazier Life Sciences Management L.P. now owns 22,575,851 shares of the company’s stock valued at $30,929,000 after purchasing an additional 3,184,164 shares during the period. 67.78% of the stock is owned by hedge funds and other institutional investors.

Erasca Stock Up 6.5%

Shares of Erasca stock opened at $3.60 on Friday. Erasca has a 52-week low of $1.01 and a 52-week high of $3.62. The company has a market capitalization of $1.02 billion, a P/E ratio of -8.00 and a beta of 1.16. The company has a 50 day moving average of $2.68 and a 200 day moving average of $1.96.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, meeting analysts’ consensus estimates of ($0.11). As a group, research analysts anticipate that Erasca will post -0.73 earnings per share for the current fiscal year.

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.