FY2024 Earnings Forecast for Erasca Issued By HC Wainwright

Erasca, Inc. (NASDAQ:ERAS - Free Report) - Equities researchers at HC Wainwright lifted their FY2024 earnings per share (EPS) estimates for shares of Erasca in a research note issued on Wednesday, November 13th. HC Wainwright analyst A. Maldonado now forecasts that the company will post earnings per share of ($0.70) for the year, up from their previous estimate of ($0.89). HC Wainwright has a "Buy" rating and a $6.00 price target on the stock. The consensus estimate for Erasca's current full-year earnings is ($0.82) per share. HC Wainwright also issued estimates for Erasca's Q4 2024 earnings at ($0.12) EPS, Q1 2025 earnings at ($0.12) EPS, Q2 2025 earnings at ($0.13) EPS, Q3 2025 earnings at ($0.13) EPS, Q4 2025 earnings at ($0.14) EPS, FY2025 earnings at ($0.52) EPS, FY2026 earnings at ($0.55) EPS, FY2027 earnings at ($0.51) EPS and FY2028 earnings at ($0.32) EPS.

A number of other analysts also recently issued reports on ERAS. The Goldman Sachs Group lifted their price objective on Erasca from $3.00 to $3.50 and gave the stock a "buy" rating in a research note on Friday, October 25th. Jefferies Financial Group assumed coverage on shares of Erasca in a research note on Monday. They set a "buy" rating and a $6.00 price target on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $6.08.

Erasca Price Performance

Shares of ERAS stock traded up $0.06 during trading hours on Monday, hitting $2.73. The stock had a trading volume of 1,416,381 shares, compared to its average volume of 1,633,074. The stock's 50-day moving average price is $2.78 and its two-hundred day moving average price is $2.63. Erasca has a one year low of $1.51 and a one year high of $3.45. The stock has a market capitalization of $771.85 million, a price-to-earnings ratio of -3.29 and a beta of 1.16.

Erasca (NASDAQ:ERAS - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.17) by $0.06.

Hedge Funds Weigh In On Erasca

A number of large investors have recently made changes to their positions in ERAS. Geode Capital Management LLC boosted its holdings in Erasca by 36.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company's stock valued at $12,295,000 after acquiring an additional 1,190,807 shares during the period. Frazier Life Sciences Management L.P. boosted its stake in shares of Erasca by 19.6% during the third quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company's stock valued at $52,939,000 after purchasing an additional 3,175,471 shares during the period. Barclays PLC grew its holdings in shares of Erasca by 627.5% in the third quarter. Barclays PLC now owns 343,930 shares of the company's stock worth $939,000 after purchasing an additional 296,657 shares during the last quarter. State Street Corp increased its stake in Erasca by 145.2% in the 3rd quarter. State Street Corp now owns 6,027,620 shares of the company's stock worth $16,455,000 after buying an additional 3,569,440 shares during the period. Finally, PFM Health Sciences LP lifted its holdings in Erasca by 4.4% during the 3rd quarter. PFM Health Sciences LP now owns 4,876,911 shares of the company's stock valued at $13,314,000 after buying an additional 205,137 shares in the last quarter. 67.78% of the stock is owned by hedge funds and other institutional investors.

Erasca Company Profile

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.