Erasca (NASDAQ:ERAS) Upgraded at Bank of America

Bank of America upgraded shares of Erasca (NASDAQ:ERAS) from a neutral rating to a buy rating in a research note released on Tuesday,Benzinga reports. Bank of America currently has $5.00 price objective on the stock.

Several other analysts have also recently weighed in on the stock. The Goldman Sachs Group upped their price objective on shares of Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Friday, October 25th. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price target on shares of Erasca in a research note on Wednesday, November 13th. Finally, Jefferies Financial Group assumed coverage on shares of Erasca in a research note on Monday, November 18th. They issued a “buy” rating and a $6.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Erasca currently has a consensus rating of “Buy” and a consensus target price of $5.70.

Erasca Stock Performance

NASDAQ ERAS opened at $2.75 on Tuesday. Erasca has a 1 year low of $1.64 and a 1 year high of $3.45. The company has a market cap of $777.51 million, a P/E ratio of -3.31 and a beta of 1.20. The company has a fifty day simple moving average of $2.78 and a 200 day simple moving average of $2.75.

Erasca (NASDAQ:ERAS) last released its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.06. Equities research analysts forecast that Erasca will post -0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Erasca

Institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. acquired a new stake in Erasca in the third quarter valued at $181,000. Barclays PLC lifted its stake in Erasca by 627.5% in the 3rd quarter. Barclays PLC now owns 343,930 shares of the company’s stock valued at $939,000 after purchasing an additional 296,657 shares during the last quarter. Geode Capital Management LLC grew its holdings in Erasca by 36.0% during the third 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. Frazier Life Sciences Management L.P. increased its position in Erasca by 19.6% during the third quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock worth $52,939,000 after buying an additional 3,175,471 shares during the last quarter. Finally, State Street Corp raised its stake in Erasca by 145.2% in the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock valued at $16,455,000 after buying an additional 3,569,440 shares during the period. 67.78% of the stock is currently 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.