Erasca (NASDAQ:ERAS) Issues Earnings Results, Beats Expectations By $0.01 EPS

Erasca (NASDAQ:ERAS - Get Free Report) posted its quarterly earnings data on Thursday. The company reported ($0.11) earnings per share for the quarter, beating analysts' consensus estimates of ($0.12) by $0.01, Zacks reports. During the same period last year, the company earned ($0.20) earnings per share.

Erasca Stock Performance

Shares of ERAS stock traded down $0.04 during trading hours on Monday, hitting $1.49. 2,092,643 shares of the company were exchanged, compared to its average volume of 1,732,584. The company has a 50 day simple moving average of $1.63 and a two-hundred day simple moving average of $2.36. The firm has a market cap of $421.26 million, a P/E ratio of -1.80 and a beta of 1.22. Erasca has a fifty-two week low of $1.23 and a fifty-two week high of $3.45.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ERAS shares. HC Wainwright reiterated a "buy" rating and issued a $6.00 price target on shares of Erasca in a research report on Friday. The Goldman Sachs Group decreased their target price on shares of Erasca from $3.50 to $3.00 and set a "buy" rating for the company in a research report on Friday. Bank of America raised shares of Erasca from a "neutral" rating to a "buy" rating and set a $5.00 price objective on the stock in a research note on Tuesday, January 7th. Finally, Morgan Stanley reissued an "overweight" rating and set a $4.00 target price on shares of Erasca in a research note on Friday, March 7th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $4.80.

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Erasca Company Profile

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.