Erasca (NASDAQ:ERAS) Coverage Initiated by Analysts at Raymond James

Analysts at Raymond James started coverage on shares of Erasca (NASDAQ:ERAS - Get Free Report) in a report issued on Wednesday, Marketbeat.com reports. The brokerage set an "outperform" rating and a $5.00 price target on the stock. Raymond James' price target points to a potential upside of 228.95% from the stock's current price.

ERAS has been the subject of several other research reports. Bank of America upgraded shares of Erasca from a "neutral" rating to a "buy" rating and set a $5.00 price objective for the company in a research note on Tuesday, January 7th. Morgan Stanley reiterated an "overweight" rating and issued a $4.00 price target on shares of Erasca in a research note on Friday, March 7th. HC Wainwright restated a "buy" rating and set a $6.00 price objective on shares of Erasca in a research note on Friday, March 21st. Finally, The Goldman Sachs Group cut their target price on Erasca from $3.50 to $3.00 and set a "buy" rating for the company in a research report on Friday, March 21st. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Erasca has an average rating of "Buy" and a consensus price target of $4.83.

Erasca Trading Down 1.9 %

ERAS stock traded down $0.03 during mid-day trading on Wednesday, hitting $1.52. 814,699 shares of the company were exchanged, compared to its average volume of 1,760,179. Erasca has a 1-year low of $1.23 and a 1-year high of $3.45. The stock has a market capitalization of $430.56 million, a PE ratio of -1.83 and a beta of 1.22. The business has a 50 day simple moving average of $1.59 and a 200-day simple moving average of $2.31.

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

Institutional Trading of Erasca

Institutional investors and hedge funds have recently modified their holdings of the business. Frazier Life Sciences Management L.P. lifted its holdings in shares of 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 worth $52,939,000 after acquiring an additional 3,175,471 shares during the last quarter. Paradigm Biocapital Advisors LP lifted its stake in Erasca by 0.8% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 10,752,354 shares of the company's stock valued at $26,988,000 after purchasing an additional 84,213 shares during the last quarter. Silverarc Capital Management LLC boosted its position 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 buying an additional 597,413 shares in the last quarter. State Street Corp grew its stake in shares of Erasca by 145.2% during the third quarter. State Street Corp now owns 6,027,620 shares of the company's stock worth $16,455,000 after buying an additional 3,569,440 shares during the last quarter. Finally, Octagon Capital Advisors LP acquired a new stake in shares of Erasca during the 4th quarter valued at $12,893,000. 67.78% of the stock is currently 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.