Erasca, Inc. (NASDAQ:ERAS) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Erasca, Inc. (NASDAQ:ERAS) have received an average recommendation of “Buy” from the six ratings firms that are currently covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a buy rating. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $4.83.

ERAS has been the subject of a number of analyst reports. Raymond James assumed coverage on Erasca in a report on Wednesday, March 26th. They issued an “outperform” rating and a $5.00 price target for the company. The Goldman Sachs Group decreased their price target on shares of Erasca from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Bank of America upgraded 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. HC Wainwright reissued a “buy” rating and set a $6.00 price objective on shares of Erasca in a research note on Friday, March 21st. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $4.00 target price on shares of Erasca in a research note on Friday, March 7th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Frazier Life Sciences Management L.P. increased its stake in 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 worth $52,939,000 after acquiring an additional 3,175,471 shares during the last quarter. Paradigm Biocapital Advisors LP increased its position in Erasca by 0.8% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 10,752,354 shares of the company’s stock worth $26,988,000 after purchasing an additional 84,213 shares in the last quarter. Silverarc Capital Management LLC raised its holdings in Erasca by 8.6% in the fourth quarter. Silverarc Capital Management LLC now owns 7,543,901 shares of the company’s stock valued at $18,935,000 after buying an additional 597,413 shares during the period. State Street Corp lifted its position in Erasca by 145.2% during the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock valued at $16,455,000 after buying an additional 3,569,440 shares in the last quarter. Finally, Octagon Capital Advisors LP purchased a new stake in Erasca during the fourth quarter worth approximately $12,893,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

Erasca Trading Down 9.9 %

Shares of NASDAQ ERAS opened at $1.37 on Tuesday. The company’s 50-day moving average price is $1.58 and its 200 day moving average price is $2.30. Erasca has a 52 week low of $1.23 and a 52 week high of $3.45. The stock has a market cap of $388.07 million, a price-to-earnings ratio of -1.65 and a beta of 1.22.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Thursday, March 20th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.01. During the same quarter last year, the business earned ($0.20) earnings per share. As a group, research analysts expect that Erasca will post -0.73 earnings per share for the current year.

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.