Erasca (NASDAQ:ERAS) Price Target Raised to $5.00

Erasca (NASDAQ:ERAS) had its price target raised by Guggenheim from $3.00 to $5.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

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

Erasca Stock Up 1.6%

Erasca stock opened at $2.58 on Friday. The stock has a 50-day simple moving average of $2.18 and a 200 day simple moving average of $1.71. The stock has a market capitalization of $731.98 million, a price-to-earnings ratio of -5.73 and a beta of 1.19. Erasca has a 12-month low of $1.01 and a 12-month high of $3.30.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). As a group, sell-side analysts anticipate that Erasca will post -0.73 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ERAS. Frazier Life Sciences Management L.P. increased its holdings 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 boosted 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 worth $22,678,000 after acquiring an additional 1,640,867 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in Erasca by 3.5% during the first quarter. T. Rowe Price Investment Management Inc. now owns 17,292,164 shares of the company’s stock valued at $23,691,000 after purchasing an additional 581,817 shares during the period. Vanguard Group Inc. increased its stake in Erasca by 0.9% in the third quarter. Vanguard Group Inc. now owns 12,811,832 shares of the company’s stock valued at $27,930,000 after purchasing an additional 116,235 shares in the last quarter. Finally, Paradigm Biocapital Advisors LP raised its holdings in Erasca by 0.5% in the first quarter. Paradigm Biocapital Advisors LP now owns 10,802,354 shares of the company’s stock worth $14,799,000 after purchasing an additional 50,000 shares during the period. 67.78% of the stock is currently owned by institutional investors.

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.