Guggenheim Forecasts Strong Price Appreciation for Erasca (NASDAQ:ERAS) Stock

Erasca (NASDAQ:ERAS) had its price objective upped by equities research analysts at Guggenheim from $3.00 to $5.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s target price suggests a potential upside of 95.16% from the company’s previous close.

ERAS has been the subject of a number of other research reports. Bank of America reaffirmed an “underperform” rating and issued a $1.00 price target (down previously from $4.00) on shares of Erasca in a research note on Wednesday, September 3rd. Stifel Nicolaus set a $6.00 target price on Erasca in a report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a report on Wednesday, October 8th. Morgan Stanley reissued an “equal weight” rating and issued a $2.00 price objective (down previously from $4.00) on shares of Erasca in a research note on Monday, August 18th. Finally, Wall Street Zen raised Erasca from a “sell” rating to a “hold” rating in a research report on Sunday, September 21st. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $4.25.

Erasca Price Performance

Shares of Erasca stock traded up $0.02 on Friday, hitting $2.56. 142,722 shares of the company’s stock traded hands, compared to its average volume of 1,434,373. The firm’s 50-day moving average price is $2.16 and its two-hundred day moving average price is $1.70. The stock has a market capitalization of $726.76 million, a PE ratio of -5.77 and a beta of 1.19. Erasca has a one year low of $1.01 and a one year high of $3.30.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, meeting analysts’ consensus estimates of ($0.11). On average, analysts forecast that Erasca will post -0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Erasca

A number of institutional investors have recently made changes to their positions in ERAS. Frazier Life Sciences Management L.P. lifted its position in Erasca by 0.7% in the second quarter. Frazier Life Sciences Management L.P. now owns 22,729,436 shares of the company’s stock valued at $28,866,000 after purchasing an additional 153,585 shares during the last quarter. VR Adviser LLC raised its stake in Erasca by 10.1% during the 2nd quarter. VR Adviser LLC now owns 17,857,083 shares of the company’s stock valued at $22,678,000 after buying an additional 1,640,867 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Erasca by 3.5% in the first quarter. T. Rowe Price Investment Management Inc. now owns 17,292,164 shares of the company’s stock worth $23,691,000 after buying an additional 581,817 shares during the last quarter. Vanguard Group Inc. raised its holdings in Erasca by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,811,832 shares of the company’s stock worth $27,930,000 after purchasing an additional 116,235 shares during the period. Finally, Paradigm Biocapital Advisors LP lifted its position in shares of Erasca by 0.5% during the 1st quarter. Paradigm Biocapital Advisors LP now owns 10,802,354 shares of the company’s stock valued at $14,799,000 after buying an additional 50,000 shares in the last quarter. Institutional investors own 67.78% of the company’s stock.

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.