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

Erasca (NASDAQ:ERAS - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at HC Wainwright in a research note issued to investors on Friday, Benzinga reports. They currently have a $6.00 price target on the stock. HC Wainwright's target price points to a potential upside of 127.27% from the company's current price.

Separately, The Goldman Sachs Group cut their price target on shares of Erasca from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $6.10.

Erasca Stock Up 2.3 %

Shares of NASDAQ ERAS traded up $0.06 during mid-day trading on Friday, reaching $2.64. 1,000,506 shares of the company were exchanged, compared to its average volume of 1,613,688. Erasca has a 1 year low of $1.51 and a 1 year high of $3.45. The firm has a 50-day moving average of $2.77 and a 200 day moving average of $2.52. The stock has a market cap of $457.67 million, a price-to-earnings ratio of -3.21 and a beta of 1.16.

Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.12). On average, equities analysts forecast that Erasca will post -0.91 earnings per share for the current year.

Institutional Investors Weigh In On Erasca

Several institutional investors and hedge funds have recently made changes to their positions in ERAS. Creative Planning raised its stake in shares of Erasca by 23.0% during the 3rd quarter. Creative Planning now owns 20,014 shares of the company's stock valued at $55,000 after buying an additional 3,737 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Erasca by 82.2% in the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company's stock worth $51,000 after purchasing an additional 9,689 shares during the period. Edmonds Duncan Registered Investment Advisors LLC raised its stake in shares of Erasca by 41.2% during the 2nd quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company's stock worth $81,000 after buying an additional 10,000 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Erasca by 27.0% in the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company's stock valued at $113,000 after purchasing an additional 10,164 shares during the period. Finally, Federated Hermes Inc. purchased a new stake in shares of Erasca during the second quarter worth about $31,000. 67.78% of the stock is currently owned by institutional investors and hedge funds.

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.