Erasca's (ERAS) Buy Rating Reaffirmed at HC Wainwright

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

ERAS has been the subject of several other research reports. Morgan Stanley reissued an "overweight" rating and set a $4.00 target price 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 price target on the stock in a research report on Tuesday, January 7th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Erasca currently has an average rating of "Buy" and an average target price of $4.80.

Erasca Trading Down 0.7 %

Shares of ERAS stock traded down $0.01 during mid-day trading on Friday, reaching $1.48. The stock had a trading volume of 1,008,854 shares, compared to its average volume of 1,736,637. Erasca has a 1-year low of $1.23 and a 1-year high of $3.45. The firm has a market cap of $418.44 million, a price-to-earnings ratio of -1.78 and a beta of 1.22. The business's fifty day moving average is $1.61 and its 200-day moving average is $2.34.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its earnings results on Thursday, March 20th. The company reported ($0.11) EPS for the quarter, beating analysts' consensus estimates of ($0.12) by $0.01. During the same period in the previous year, the business posted ($0.20) earnings per share. On average, analysts forecast that Erasca will post -0.73 earnings per share for the current year.

Institutional Trading of Erasca

A number of hedge funds have recently added to or reduced their stakes in ERAS. AXQ Capital LP purchased a new position in Erasca in the fourth quarter valued at $27,000. Mackenzie Financial Corp purchased a new position in shares of Erasca in the 4th quarter valued at about $28,000. Neuberger Berman Group LLC acquired a new position in Erasca in the 4th quarter worth about $33,000. Brevan Howard Capital Management LP acquired a new position in Erasca in the 4th quarter worth about $41,000. Finally, Cibc World Markets Corp purchased a new position in Erasca during the fourth quarter worth approximately $43,000. 67.78% of the stock is owned by hedge funds and other 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.