Erasca, Inc. (NASDAQ:ERAS) Receives Consensus Rating of "Buy" from Analysts

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) has been given an average rating of "Buy" by the six brokerages that are covering the firm, MarketBeat.com reports. Six analysts have rated the stock with a buy rating. The average 12 month target price among brokers that have covered the stock in the last year is $4.83.

A number of brokerages have weighed in on ERAS. HC Wainwright reiterated a "buy" rating and issued a $6.00 price target on shares of Erasca in a research report on Friday, March 21st. Raymond James initiated coverage on shares of Erasca in a research report on Wednesday, March 26th. They set an "outperform" rating and a $5.00 target price for the company. Bank of America upgraded shares of Erasca from a "neutral" rating to a "buy" rating and set a $5.00 price target on the stock in a research report on Tuesday, January 7th. The Goldman Sachs Group dropped their price objective on shares of Erasca from $3.50 to $3.00 and set a "buy" rating for the company in a report on Friday, March 21st. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $4.00 price target on shares of Erasca in a report on Friday, March 7th.

Erasca Stock Down 4.1 %

ERAS traded down $0.05 during trading on Tuesday, reaching $1.16. 3,211,091 shares of the company's stock were exchanged, compared to its average volume of 1,793,134. Erasca has a fifty-two week low of $1.04 and a fifty-two week high of $3.45. The company has a market capitalization of $328.59 million, a P/E ratio of -1.40 and a beta of 1.14. The business has a 50 day moving average price of $1.52 and a 200 day moving average price of $2.25.

Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings data on Thursday, March 20th. The company reported ($0.11) earnings per share for the quarter, beating analysts' consensus estimates of ($0.12) by $0.01. During the same period last year, the company earned ($0.20) EPS. As a group, research analysts forecast that Erasca will post -0.73 EPS for the current year.

Institutional Trading of Erasca

Hedge funds have recently modified their holdings of the stock. Frazier Life Sciences Management L.P. lifted its holdings in Erasca by 19.6% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company's stock worth $52,939,000 after buying an additional 3,175,471 shares in the last quarter. Paradigm Biocapital Advisors LP lifted its stake in shares of Erasca by 0.8% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 10,752,354 shares of the company's stock valued at $26,988,000 after acquiring an additional 84,213 shares during the period. Silverarc Capital Management LLC boosted its holdings in Erasca by 8.6% in the fourth quarter. Silverarc Capital Management LLC now owns 7,543,901 shares of the company's stock valued at $18,935,000 after acquiring an additional 597,413 shares during the last quarter. State Street Corp increased its position in Erasca by 145.2% in the third quarter. State Street Corp now owns 6,027,620 shares of the company's stock worth $16,455,000 after purchasing an additional 3,569,440 shares during the period. Finally, Octagon Capital Advisors LP acquired a new stake in Erasca in the fourth quarter worth about $12,893,000. 67.78% of the stock is owned by 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.