Erasca, Inc. (NASDAQ:ERAS) Given Consensus Rating of “Buy” by Brokerages

Erasca, Inc. (NASDAQ:ERAS) has been given an average rating of “Buy” by the six ratings firms that are covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a buy recommendation. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $4.83.

Several brokerages have recently issued reports on ERAS. Bank of America raised shares of 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. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price objective on shares of Erasca in a research report on Friday, March 21st. Morgan Stanley restated an “overweight” rating and issued a $4.00 target price on shares of Erasca in a report on Friday, March 7th. The Goldman Sachs Group dropped their price target on Erasca from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Finally, Raymond James assumed coverage on shares of Erasca in a research note on Wednesday, March 26th. They issued an “outperform” rating and a $5.00 price objective on the stock.

Institutional Trading of Erasca

A number of institutional investors have recently modified their holdings of the business. Barclays PLC lifted its holdings in Erasca by 627.5% in the third quarter. Barclays PLC now owns 343,930 shares of the company’s stock valued at $939,000 after acquiring an additional 296,657 shares during the period. Geode Capital Management LLC grew its stake in shares of Erasca by 36.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock worth $12,295,000 after purchasing an additional 1,190,807 shares during the period. State Street Corp lifted its stake in shares of Erasca by 145.2% in the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock valued at $16,455,000 after purchasing an additional 3,569,440 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Erasca during the third quarter worth about $994,000. Finally, Fred Alger Management LLC acquired a new position in Erasca during the third quarter worth about $630,000. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

Erasca Stock Performance

ERAS stock opened at $1.23 on Tuesday. Erasca has a one year low of $1.03 and a one year high of $3.45. The firm’s 50 day moving average price is $1.50 and its 200-day moving average price is $2.24. The firm has a market cap of $347.00 million, a PE ratio of -1.48 and a beta of 1.14.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Thursday, March 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01. During the same quarter in the previous year, the company earned ($0.20) earnings per share. Equities research analysts predict that Erasca will post -0.73 EPS for the current fiscal year.

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.