Erasca (NASDAQ:ERAS) Earns “Buy” Rating from HC Wainwright

Erasca (NASDAQ:ERAS)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a report issued on Friday,Benzinga reports. They presently have a $6.00 price objective on the stock. HC Wainwright’s target price would suggest a potential upside of 292.16% from the stock’s current price. HC Wainwright also issued estimates for Erasca’s FY2029 earnings at ($0.06) EPS.

Several other analysts also recently weighed in on ERAS. Morgan Stanley reaffirmed an “overweight” rating and set a $4.00 price target on shares of Erasca in a research note on Friday, March 7th. Bank of America raised shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a research note on Tuesday, January 7th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $4.80.

Erasca Price Performance

Shares of NASDAQ ERAS opened at $1.53 on Friday. The company has a market cap of $432.57 million, a P/E ratio of -1.84 and a beta of 1.22. Erasca has a 1 year low of $1.23 and a 1 year high of $3.45. The firm has a 50-day simple moving average of $1.63 and a two-hundred day simple moving average of $2.36.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data on Wednesday, March 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.01. During the same quarter in the prior year, the company posted ($0.20) earnings per share. As a group, equities research analysts expect that Erasca will post -0.73 EPS for the current year.

Hedge Funds Weigh In On Erasca

Institutional investors have recently bought and sold shares of the business. AXQ Capital LP purchased a new position in Erasca during the fourth quarter valued at approximately $27,000. Mackenzie Financial Corp purchased a new position in Erasca during the fourth quarter valued at approximately $28,000. Neuberger Berman Group LLC purchased a new position in Erasca during the fourth quarter valued at approximately $33,000. Brevan Howard Capital Management LP purchased a new position in Erasca during the fourth quarter valued at approximately $41,000. Finally, Cibc World Markets Corp purchased a new position in Erasca during the fourth quarter valued at approximately $43,000. 67.78% of the stock is owned by hedge funds and other 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.