Erasca, Inc. (NASDAQ:ERAS) Given Consensus Rating of “Hold” by Brokerages

Erasca, Inc. (NASDAQ:ERAS) has earned a consensus rating of “Hold” from the nine brokerages that are covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, one has given a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $4.00.

A number of equities research analysts have weighed in on the company. Wall Street Zen upgraded Erasca from a “sell” rating to a “hold” rating in a research note on Sunday, September 21st. Bank of America reaffirmed an “underperform” rating and issued a $1.00 target price (down from $4.00) on shares of Erasca in a report on Wednesday, September 3rd. Morgan Stanley reiterated an “equal weight” rating and set a $2.00 price target (down previously from $4.00) on shares of Erasca in a research note on Monday, August 18th. Stifel Nicolaus set a $6.00 price objective on shares of Erasca in a research note on Thursday, November 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a report on Wednesday, October 8th.

Institutional Investors Weigh In On Erasca

Several hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP increased its stake in Erasca by 82.6% in the 1st quarter. Wellington Management Group LLP now owns 850,147 shares of the company’s stock valued at $1,165,000 after buying an additional 384,475 shares during the period. Deutsche Bank AG increased its stake in shares of Erasca by 20.1% during the first quarter. Deutsche Bank AG now owns 163,052 shares of the company’s stock worth $223,000 after acquiring an additional 27,282 shares during the period. Nuveen LLC purchased a new position in Erasca during the first quarter worth about $663,000. Frazier Life Sciences Management L.P. lifted its position in Erasca by 16.4% in the first quarter. Frazier Life Sciences Management L.P. now owns 22,575,851 shares of the company’s stock valued at $30,929,000 after purchasing an additional 3,184,164 shares during the period. Finally, XTX Topco Ltd boosted its holdings in Erasca by 123.1% in the 1st quarter. XTX Topco Ltd now owns 123,501 shares of the company’s stock valued at $169,000 after purchasing an additional 68,140 shares in the last quarter. 67.78% of the stock is owned by institutional investors and hedge funds.

Erasca Stock Performance

Shares of ERAS stock opened at $2.36 on Wednesday. The stock’s 50-day moving average is $2.11 and its two-hundred day moving average is $1.68. Erasca has a 1 year low of $1.01 and a 1 year high of $3.30. The firm has a market cap of $669.46 million, a price-to-earnings ratio of -5.24 and a beta of 1.19.

Erasca (NASDAQ:ERAS) last announced its earnings results on Tuesday, August 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.12). As a group, research analysts predict that Erasca will post -0.73 EPS for the current year.

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.