Erasca (NASDAQ:ERAS) Stock Rating Upgraded by Bank of America

Erasca (NASDAQ:ERAS) was upgraded by investment analysts at Bank of America from an “underperform” rating to a “neutral” rating in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a $16.00 price objective on the stock, up from their prior price objective of $9.00. Bank of America‘s price objective would indicate a potential upside of 21.40% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Wall Street Zen downgraded Erasca from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Wolfe Research set a $16.00 target price on Erasca in a research report on Thursday. HC Wainwright lifted their target price on Erasca from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, March 13th. Stifel Nicolaus lifted their target price on Erasca from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Finally, Mizuho decreased their target price on Erasca from $28.00 to $26.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.11.

Erasca Stock Down 2.2%

ERAS stock opened at $13.18 on Thursday. Erasca has a twelve month low of $1.21 and a twelve month high of $24.28. The company has a market cap of $4.10 billion, a PE ratio of -14.17 and a beta of 0.73. The business’s 50-day simple moving average is $14.53 and its 200 day simple moving average is $10.50.

Erasca (NASDAQ:ERAS) last released its earnings results on Monday, May 11th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.48). On average, equities research analysts anticipate that Erasca will post -0.55 EPS for the current year.

Insiders Place Their Bets

In other Erasca news, insider Ebun Garner sold 80,000 shares of Erasca stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $16.40, for a total transaction of $1,312,000.00. Following the sale, the insider directly owned 25,076 shares of the company’s stock, valued at approximately $411,246.40. The trade was a 76.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 14.20% of the company’s stock.

Institutional Investors Weigh In On Erasca

A number of institutional investors have recently added to or reduced their stakes in ERAS. AQR Capital Management LLC boosted its holdings in Erasca by 594.8% during the first quarter. AQR Capital Management LLC now owns 396,202 shares of the company’s stock valued at $543,000 after purchasing an additional 339,177 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Erasca by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 4,835,642 shares of the company’s stock worth $6,143,000 after acquiring an additional 77,790 shares in the last quarter. Creative Planning boosted its holdings in shares of Erasca by 423.3% in the 2nd quarter. Creative Planning now owns 244,332 shares of the company’s stock worth $310,000 after acquiring an additional 197,637 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in shares of Erasca by 39.1% in the 2nd quarter. New York State Common Retirement Fund now owns 37,360 shares of the company’s stock worth $47,000 after acquiring an additional 10,501 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Erasca by 51.6% in the 2nd quarter. Invesco Ltd. now owns 172,226 shares of the company’s stock worth $219,000 after acquiring an additional 58,643 shares in the last quarter. 67.78% of the stock is owned by institutional investors and hedge funds.

Erasca Company Profile

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.