Erasca (NASDAQ:ERAS) Earns Buy Rating from HC Wainwright

Erasca (NASDAQ:ERAS)‘s stock had its “buy” rating reissued by HC Wainwright in a report released on Friday, Benzinga reports. They presently have a $6.00 target price on the stock. HC Wainwright’s target price indicates a potential upside of 132.56% from the stock’s current price.

Separately, The Goldman Sachs Group decreased their price objective on shares of Erasca from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.00.

Erasca Stock Performance

Shares of NASDAQ:ERAS opened at $2.58 on Friday. Erasca has a 12 month low of $1.51 and a 12 month high of $3.45. The firm’s 50-day moving average is $2.77 and its 200 day moving average is $2.52. The company has a market capitalization of $447.27 million, a price-to-earnings ratio of -3.07 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.12). As a group, equities analysts forecast that Erasca will post -0.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Erasca

Several large investors have recently modified their holdings of the business. Creative Planning lifted its holdings in Erasca by 23.0% during the 3rd quarter. Creative Planning now owns 20,014 shares of the company’s stock worth $55,000 after buying an additional 3,737 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Erasca by 82.2% in the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after buying an additional 9,689 shares during the last quarter. Edmonds Duncan Registered Investment Advisors LLC grew its stake in 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 last quarter. The Manufacturers Life Insurance Company grew its position in Erasca by 27.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock worth $113,000 after purchasing an additional 10,164 shares during the last quarter. Finally, Federated Hermes Inc. acquired a new position in Erasca in the 2nd quarter valued at about $31,000. Institutional investors and hedge funds 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.