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

Erasca (NASDAQ:ERAS - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at HC Wainwright in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $6.00 price objective on the stock. HC Wainwright's target price would suggest a potential upside of 109.79% from the stock's current price.

Separately, 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. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $6.10.

Erasca Trading Down 4.3 %

Erasca stock traded down $0.13 during midday trading on Wednesday, hitting $2.86. The stock had a trading volume of 658,525 shares, compared to its average volume of 1,631,403. Erasca has a 52-week low of $1.51 and a 52-week high of $3.45. The firm's fifty day moving average is $2.79 and its two-hundred day moving average is $2.61.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.17) by $0.06. As a group, research analysts predict that Erasca will post -0.9 earnings per share for the current year.

Hedge Funds Weigh In On Erasca

Institutional investors have recently made changes to their positions in the company. Frazier Life Sciences Management L.P. purchased a new position in Erasca during the second quarter valued at approximately $38,270,000. Logos Global Management LP purchased a new stake in shares of Erasca during the second quarter worth approximately $13,924,000. Vanguard Group Inc. increased its position in shares of Erasca by 14.4% during the first quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company's stock worth $8,937,000 after purchasing an additional 545,765 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Erasca during the second quarter worth approximately $8,667,000. Finally, Affinity Asset Advisors LLC acquired a new position in Erasca during the second quarter worth $5,899,000. 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.