Brokerages Set Erasca, Inc. (NASDAQ:ERAS) PT at $6.10

Erasca, Inc. (NASDAQ:ERAS) has received an average recommendation of “Moderate Buy” from the six ratings firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $6.08.

A number of research analysts have commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 target price on shares of Erasca in a research report on Wednesday, November 13th. Jefferies Financial Group initiated coverage on shares of Erasca in a research report on Monday, November 18th. They set a “buy” rating and a $6.00 price objective for the company. Finally, The Goldman Sachs Group boosted their target price on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Friday, October 25th.

Erasca Price Performance

Shares of ERAS stock opened at $2.70 on Monday. The firm’s 50-day moving average is $2.75 and its two-hundred day moving average is $2.64. Erasca has a 12 month low of $1.51 and a 12 month high of $3.45. The company has a market capitalization of $763.37 million, a PE ratio of -3.25 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.06. Sell-side analysts forecast that Erasca will post -0.76 EPS for the current year.

Hedge Funds Weigh In On Erasca

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in 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 acquiring an additional 545,765 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of Erasca by 286.5% in 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 lifted its position in shares of 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 during the last quarter. Bank of New York Mellon Corp lifted its position in shares of 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 during the last quarter. Finally, Rhumbline Advisers grew its stake in shares of Erasca by 27.2% during 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 in the last quarter. Hedge funds and other 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.