Erasca (NASDAQ:ERAS) Now Covered by Analysts at Raymond James

Stock analysts at Raymond James began coverage on shares of Erasca (NASDAQ:ERAS) in a report released on Wednesday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $5.00 price target on the stock. Raymond James’ price target would indicate a potential upside of 237.84% from the stock’s current price.

A number of other research analysts also recently commented on the stock. Bank of America raised shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a report on Tuesday, January 7th. The Goldman Sachs Group dropped their target price on Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a report on Friday, March 21st. HC Wainwright reissued a “buy” rating and set a $6.00 target price on shares of Erasca in a research report on Friday, March 21st. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $4.00 price objective on shares of Erasca in a research note on Friday, March 7th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $4.83.

Erasca Price Performance

Shares of ERAS opened at $1.48 on Wednesday. The stock has a market capitalization of $418.44 million, a price-to-earnings ratio of -1.78 and a beta of 1.22. Erasca has a 1 year low of $1.23 and a 1 year high of $3.45. The business’s 50 day simple moving average is $1.61 and its 200-day simple moving average is $2.34.

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 posted ($0.20) EPS. On average, sell-side analysts expect that Erasca will post -0.73 earnings per share for the current year.

Institutional Investors Weigh In On Erasca

Institutional investors and hedge funds have recently modified their holdings of the business. AXQ Capital LP purchased a new stake in shares of Erasca during the fourth quarter valued at $27,000. Mackenzie Financial Corp purchased a new stake in Erasca in the 4th quarter valued at about $28,000. Neuberger Berman Group LLC bought a new position in Erasca in the 4th quarter worth about $33,000. Brevan Howard Capital Management LP purchased a new position in shares of Erasca during the fourth quarter worth approximately $41,000. Finally, Cibc World Markets Corp purchased a new stake in shares of Erasca in the fourth quarter valued at approximately $43,000. 67.78% of the stock is owned by institutional investors.

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.