Erasca (NASDAQ:ERAS) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Erasca (NASDAQ:ERAS) from a sell rating to a hold rating in a research report sent to investors on Sunday morning.

A number of other brokerages have also commented on ERAS. Bank of America reiterated an “underperform” rating and issued a $1.00 price objective (down previously from $4.00) on shares of Erasca in a report on Wednesday, September 3rd. Morgan Stanley reiterated an “equal weight” rating and issued a $2.00 price target (down previously from $4.00) on shares of Erasca in a research note on Monday, August 18th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $3.71.

Erasca Stock Down 0.6%

Shares of NASDAQ:ERAS opened at $1.77 on Friday. The company has a market capitalization of $502.10 million, a price-to-earnings ratio of -3.93 and a beta of 1.08. The company has a 50 day moving average of $1.58 and a two-hundred day moving average of $1.44. Erasca has a 52-week low of $1.01 and a 52-week high of $3.31.

Erasca (NASDAQ:ERAS) last posted its earnings results on Tuesday, August 12th. The company reported ($0.12) EPS for the quarter, hitting analysts’ consensus estimates of ($0.12). On average, equities analysts anticipate that Erasca will post -0.73 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Ameriprise Financial Inc. increased its stake in shares of Erasca by 165.6% in the fourth quarter. Ameriprise Financial Inc. now owns 55,585 shares of the company’s stock valued at $140,000 after purchasing an additional 34,657 shares during the period. BNP Paribas Financial Markets acquired a new position in shares of Erasca during the fourth quarter worth approximately $61,000. Deutsche Bank AG grew its holdings in Erasca by 163.1% in the 4th quarter. Deutsche Bank AG now owns 135,770 shares of the company’s stock worth $341,000 after buying an additional 84,171 shares in the last quarter. Millennium Management LLC grew its holdings in Erasca by 73.3% in the 4th quarter. Millennium Management LLC now owns 4,177,900 shares of the company’s stock worth $10,487,000 after buying an additional 1,767,350 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its position in Erasca by 14.9% in the 4th quarter. Nuveen Asset Management LLC now owns 555,704 shares of the company’s stock valued at $1,395,000 after acquiring an additional 72,121 shares during the period. 67.78% of the stock is owned by institutional investors and hedge funds.

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.