Erasca (NASDAQ:ERAS) Receives Buy Rating from HC Wainwright

HC Wainwright reissued their buy rating on shares of Erasca (NASDAQ:ERAS) in a research note published on Friday,Benzinga reports. HC Wainwright currently has a $6.00 target price on the stock.

Several other brokerages have also commented on ERAS. Bank of America raised shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a research report on Tuesday, January 7th. Morgan Stanley reissued an “overweight” rating and set a $4.00 price target on shares of Erasca in a research report on Friday, March 7th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $4.80.

Erasca Stock Up 3.4 %

Shares of Erasca stock opened at $1.53 on Friday. The firm has a market capitalization of $432.57 million, a P/E ratio of -1.84 and a beta of 1.22. The company has a 50 day moving average price of $1.63 and a 200 day moving average price of $2.37. Erasca has a 52 week low of $1.23 and a 52 week high of $3.45.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data on Wednesday, March 26th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.01. During the same quarter in the previous year, the business earned ($0.20) earnings per share. As a group, research analysts anticipate that Erasca will post -0.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Erasca

Hedge funds and other institutional investors have recently made changes to their positions in the company. Barclays PLC grew its stake in shares of Erasca by 627.5% during the 3rd quarter. Barclays PLC now owns 343,930 shares of the company’s stock worth $939,000 after purchasing an additional 296,657 shares during the period. Geode Capital Management LLC grew its stake 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. State Street Corp grew its stake in shares of Erasca by 145.2% during the 3rd quarter. State Street Corp now owns 6,027,620 shares of the company’s stock worth $16,455,000 after purchasing an additional 3,569,440 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Erasca during the 3rd quarter worth approximately $994,000. Finally, Fred Alger Management LLC acquired a new stake in shares of Erasca during the 3rd quarter worth approximately $630,000. 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.