Erasca (NASDAQ:ERAS) Now Covered by Jefferies Financial Group

Equities research analysts at Jefferies Financial Group initiated coverage on shares of Erasca (NASDAQ:ERAS - Get Free Report) in a research report issued on Monday, MarketBeat Ratings reports. The firm set a "buy" rating and a $6.00 price target on the stock. Jefferies Financial Group's price objective would indicate a potential upside of 119.78% from the stock's previous close.

A number of other equities analysts have also recently commented on ERAS. The Goldman Sachs Group lifted their target price on shares of Erasca from $3.00 to $3.50 and gave the stock a "buy" rating in a research report on Friday, October 25th. HC Wainwright reaffirmed a "buy" rating and set a $6.00 target price on shares of Erasca in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $6.08.

Erasca Stock Performance

ERAS stock traded up $0.06 during mid-day trading on Monday, hitting $2.73. The company had a trading volume of 1,413,347 shares, compared to its average volume of 1,633,060. Erasca has a 12 month low of $1.51 and a 12 month high of $3.45. The stock's fifty day moving average price is $2.78 and its two-hundred day moving average price is $2.62. The firm has a market cap of $771.85 million, a PE ratio of -3.25 and a beta of 1.16.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.06. Equities analysts anticipate that Erasca will post -0.82 earnings per share for the current year.

Hedge Funds Weigh In On Erasca

Several institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC increased its position in Erasca by 36.0% during the third quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company's stock worth $12,295,000 after purchasing an additional 1,190,807 shares during the last quarter. Frazier Life Sciences Management L.P. boosted its stake in Erasca by 19.6% in the third quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company's stock valued at $52,939,000 after acquiring an additional 3,175,471 shares in the last quarter. Barclays PLC boosted its stake in shares of Erasca by 627.5% during the third quarter. Barclays PLC now owns 343,930 shares of the company's stock worth $939,000 after buying an additional 296,657 shares during the period. State Street Corp increased its position in Erasca by 145.2% during the 3rd 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, PFM Health Sciences LP lifted its position in shares of Erasca by 4.4% during the 3rd quarter. PFM Health Sciences LP now owns 4,876,911 shares of the company's stock valued at $13,314,000 after acquiring an additional 205,137 shares during the period. Hedge funds and other 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.