Erasca (NASDAQ:ERAS) Earns Buy Rating from Analysts at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Erasca (NASDAQ:ERAS) in a research note published on Monday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $6.00 price objective on the stock.

A number of other brokerages also recently weighed in on ERAS. The Goldman Sachs Group increased their price target on Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a report on Friday, October 25th. HC Wainwright restated a “buy” rating and set a $6.00 target price on shares of Erasca in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Erasca presently has an average rating of “Moderate Buy” and a consensus price target of $6.08.

Erasca Stock Performance

NASDAQ ERAS opened at $2.73 on Monday. The firm’s fifty day moving average price is $2.78 and its two-hundred day moving average price is $2.63. The stock has a market cap of $771.85 million, a PE ratio of -3.29 and a beta of 1.16. Erasca has a fifty-two week low of $1.51 and a fifty-two week high of $3.45.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.06. As a group, sell-side analysts predict that Erasca will post -0.82 earnings per share for the current fiscal year.

Institutional Trading of Erasca

Several hedge funds have recently bought and sold shares of ERAS. Vanguard Group Inc. lifted its stake in shares of Erasca by 14.4% in the first quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock valued at $8,937,000 after buying an additional 545,765 shares in the last quarter. Acadian Asset Management LLC boosted its stake in Erasca by 286.5% during the 1st quarter. Acadian Asset Management LLC now owns 346,953 shares of the company’s stock valued at $713,000 after purchasing an additional 257,174 shares during the last quarter. Edmonds Duncan Registered Investment Advisors LLC increased its holdings 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 purchasing an additional 10,000 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Erasca by 50.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 392,490 shares of the company’s stock worth $926,000 after purchasing an additional 131,829 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Erasca by 27.2% in the second quarter. Rhumbline Advisers now owns 154,615 shares of the company’s stock worth $365,000 after purchasing an additional 33,106 shares during the last quarter. 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.