Erasca, Inc. (NASDAQ:ERAS) Given Average Rating of “Buy” by Analysts

Shares of Erasca, Inc. (NASDAQ:ERAS) have received a consensus recommendation of “Buy” from the six brokerages that are covering the firm, Marketbeat.com reports. Six equities research analysts have rated the stock with a buy recommendation. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $4.83.

A number of equities research analysts have weighed in on the company. Raymond James assumed coverage on Erasca in a research note on Wednesday, March 26th. They set an “outperform” rating and a $5.00 price objective for the company. HC Wainwright reissued a “buy” rating and set a $6.00 price target on shares of Erasca in a research report on Friday, March 21st. The Goldman Sachs Group cut their price target on shares of Erasca from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, March 21st. Morgan Stanley reissued an “overweight” rating and set a $4.00 price objective on shares of Erasca in a report on Friday, March 7th. Finally, Bank of America upgraded shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a research note on Tuesday, January 7th.

Erasca Stock Performance

ERAS stock opened at $1.37 on Tuesday. The stock has a 50-day simple moving average of $1.58 and a 200-day simple moving average of $2.30. The firm has a market cap of $388.07 million, a P/E ratio of -1.65 and a beta of 1.22. Erasca has a 1 year low of $1.23 and a 1 year high of $3.45.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data 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 business posted ($0.20) EPS. On average, equities research analysts predict that Erasca will post -0.73 EPS for the current year.

Institutional Trading of Erasca

Institutional investors have recently added to or reduced their stakes in the business. Octagon Capital Advisors LP bought a new stake in shares of Erasca during the 4th quarter valued at about $12,893,000. State Street Corp boosted its stake in Erasca by 145.2% in the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock valued at $16,455,000 after acquiring an additional 3,569,440 shares during the period. Frazier Life Sciences Management L.P. boosted its stake in Erasca by 19.6% in the third quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock valued at $52,939,000 after acquiring an additional 3,175,471 shares during the period. Millennium Management LLC grew its holdings in shares of Erasca by 73.3% during the fourth quarter. Millennium Management LLC now owns 4,177,900 shares of the company’s stock valued at $10,487,000 after purchasing an additional 1,767,350 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Erasca by 36.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock worth $12,295,000 after purchasing an additional 1,190,807 shares during the period. Institutional investors 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.