Erasca, Inc. (NASDAQ:ERAS) Stock Has Average Price Target of $22.09 According to Brokerages

Erasca, Inc. (NASDAQ:ERAS) has earned a consensus rating of “Moderate Buy” from the eleven ratings firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $22.09.

ERAS has been the topic of several research analyst reports. HC Wainwright lifted their price objective on Erasca from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Morgan Stanley increased their target price on shares of Erasca from $12.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday, July 20th. Guggenheim raised their price target on shares of Erasca from $20.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, August 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Erasca in a report on Tuesday, September 8th. Finally, Bank of America lifted their price target on shares of Erasca from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, August 14th.

Erasca Trading Up 4.2%

Shares of ERAS opened at $14.64 on Wednesday. Erasca has a twelve month low of $2.11 and a twelve month high of $24.28. The firm has a market capitalization of $5.12 billion, a P/E ratio of -15.41 and a beta of 0.68. The stock’s fifty day simple moving average is $15.35 and its 200 day simple moving average is $15.04.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.03). Sell-side analysts predict that Erasca will post -0.49 earnings per share for the current year.

Hedge Funds Weigh In On Erasca

Hedge funds have recently made changes to their positions in the business. Frazier Life Sciences Management L.P. boosted its position in shares of Erasca by 1.2% in the second quarter. Frazier Life Sciences Management L.P. now owns 24,975,188 shares of the company’s stock worth $457,545,000 after buying an additional 300,000 shares during the period. BlackRock Inc. acquired a new stake in shares of Erasca in the second quarter valued at about $387,544,000. Vivo Capital LLC grew its stake in shares of Erasca by 31.0% in the first quarter. Vivo Capital LLC now owns 12,151,480 shares of the company’s stock valued at $196,611,000 after buying an additional 2,878,052 shares in the last quarter. Siren L.L.C. raised its holdings in shares of Erasca by 28.4% during the 1st quarter. Siren L.L.C. now owns 11,244,246 shares of the company’s stock valued at $181,932,000 after buying an additional 2,486,997 shares during the period. Finally, ARCH Venture Management LLC purchased a new stake in shares of Erasca during the 2nd quarter valued at about $129,917,324. Hedge funds and other institutional investors own 67.78% of the company’s stock.

About Erasca

Erasca, Inc (NASDAQ: ERAS) is a clinical-stage biopharmaceutical company focused on developing precision medicines for patients with RAS/MAPK pathway-driven cancers. The company’s research and development programs are designed to target molecular alterations that contribute to tumor growth and treatment resistance, including mutations involving the RAS family of proteins and related signaling pathways.

Erasca’s pipeline has included small-molecule oncology candidates such as naporafenib, a pan-RAF inhibitor being studied in cancers with aberrant RAS/MAPK signaling, as well as additional investigational therapies intended to address difficult-to-treat oncogenic drivers.