Erasca (NASDAQ:ERAS) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of Erasca (NASDAQ:ERAS - Free Report) from a neutral rating to a buy rating in a research note issued to investors on Tuesday,Benzinga reports. They currently have $5.00 price target on the stock.

A number of other analysts also recently issued reports on the stock. Jefferies Financial Group began coverage on shares of Erasca in a report on Monday, November 18th. They issued a "buy" rating and a $6.00 price target on the stock. The Goldman Sachs Group raised their price target on Erasca from $3.00 to $3.50 and gave the stock a "buy" rating in a research report on Friday, October 25th. Finally, HC Wainwright restated a "buy" rating and set a $6.00 target price on shares of Erasca in a research report on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $5.70.

Erasca Stock Performance

Shares of NASDAQ ERAS traded up $0.08 during trading on Tuesday, hitting $2.75. The company had a trading volume of 1,441,179 shares, compared to its average volume of 1,009,195. Erasca has a 12 month low of $1.64 and a 12 month high of $3.45. The firm has a market capitalization of $777.50 million, a P/E ratio of -3.31 and a beta of 1.21. The stock has a 50 day simple moving average of $2.77 and a 200 day simple moving average of $2.75.

Erasca (NASDAQ:ERAS - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.17) by $0.06. As a group, analysts predict that Erasca will post -0.73 EPS for the current year.

Hedge Funds Weigh In On Erasca

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. purchased a new position in shares of Erasca during the 2nd quarter valued at approximately $31,000. Sei Investments Co. acquired a new position in shares of Erasca during the second quarter valued at approximately $39,000. Creative Planning boosted its stake in Erasca by 23.0% during the 3rd quarter. Creative Planning now owns 20,014 shares of the company's stock worth $55,000 after purchasing an additional 3,737 shares during the last quarter. Victory Capital Management Inc. grew its stake in Erasca by 82.2% during the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company's stock valued at $51,000 after acquiring an additional 9,689 shares in the last quarter. Finally, Valence8 US LP purchased a new stake in Erasca in the 3rd quarter valued at $128,000. 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.