HC Wainwright Reaffirms Buy Rating for Erasca (NASDAQ:ERAS)

HC Wainwright reissued their buy rating on shares of Erasca (NASDAQ:ERAS - Free Report) in a research note released on Friday morning,Benzinga reports. HC Wainwright currently has a $6.00 target price on the stock. HC Wainwright also issued estimates for Erasca's FY2029 earnings at ($0.06) EPS.

A number of other equities analysts have also recently issued reports on ERAS. Morgan Stanley reiterated an "overweight" rating and issued a $4.00 price objective on shares of Erasca in a report on Friday, March 7th. Bank of America raised Erasca from a "neutral" rating to a "buy" rating and set a $5.00 target price for the company in a research note on Tuesday, January 7th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $4.80.

Erasca Stock Down 4.9 %

Shares of ERAS stock traded down $0.08 during trading on Friday, hitting $1.46. The company had a trading volume of 619,282 shares, compared to its average volume of 1,726,736. Erasca has a 52 week low of $1.23 and a 52 week high of $3.45. The stock has a market capitalization of $411.37 million, a price-to-earnings ratio of -1.75 and a beta of 1.22. The stock's 50-day moving average is $1.63 and its two-hundred day moving average is $2.36.

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Erasca (NASDAQ:ERAS - Get Free Report) last posted its quarterly earnings data on Thursday, March 20th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.01. During the same quarter in the previous year, the firm posted ($0.20) EPS. On average, research analysts predict that Erasca will post -0.73 EPS for the current fiscal year.

Institutional Trading of Erasca

Several hedge funds and other institutional investors have recently bought and sold shares of ERAS. China Universal Asset Management Co. Ltd. increased its stake in shares of Erasca by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 59,949 shares of the company's stock worth $150,000 after buying an additional 5,614 shares during the period. New York State Common Retirement Fund increased its position in shares of Erasca by 42.4% in the fourth quarter. New York State Common Retirement Fund now owns 26,859 shares of the company's stock valued at $67,000 after acquiring an additional 8,000 shares during the period. MetLife Investment Management LLC increased its position in shares of Erasca by 8.7% in the fourth quarter. MetLife Investment Management LLC now owns 112,725 shares of the company's stock valued at $283,000 after acquiring an additional 9,039 shares during the period. Hsbc Holdings PLC raised its stake in shares of Erasca by 57.3% during the fourth quarter. Hsbc Holdings PLC now owns 28,714 shares of the company's stock valued at $73,000 after acquiring an additional 10,458 shares during the last quarter. Finally, AXQ Capital LP purchased a new stake in shares of Erasca during the fourth quarter worth about $27,000. 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.