HC Wainwright Reaffirms Buy Rating for Erasca (NASDAQ:ERAS)

Erasca (NASDAQ:ERAS)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a report issued on Wednesday,Benzinga reports. They currently have a $6.00 target price on the stock. HC Wainwright’s price objective would indicate a potential upside of 302.68% from the company’s previous close.

A number of other brokerages have also commented on ERAS. Raymond James started coverage on Erasca in a report on Wednesday, March 26th. They set an “outperform” rating and a $5.00 price target for the company. The Goldman Sachs Group cut their target price on shares of Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Morgan Stanley restated an “overweight” rating and issued a $4.00 price target on shares of Erasca in a research report on Friday, March 7th. Finally, Bank of America raised shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a research report on Tuesday, January 7th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $4.83.

Erasca Trading Up 2.1 %

NASDAQ ERAS opened at $1.49 on Wednesday. Erasca has a 1 year low of $1.01 and a 1 year high of $3.45. The company has a fifty day simple moving average of $1.35 and a 200 day simple moving average of $2.06. The company has a market cap of $422.07 million, a P/E ratio of -1.80 and a beta of 1.14.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Thursday, March 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01. During the same quarter in the prior year, the firm earned ($0.20) EPS. Equities research analysts forecast that Erasca will post -0.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Erasca

Several institutional investors and hedge funds have recently bought and sold shares of ERAS. AXQ Capital LP acquired a new stake in shares of Erasca during the 4th quarter valued at about $27,000. Mackenzie Financial Corp acquired a new stake in Erasca during the fourth quarter valued at approximately $28,000. Neuberger Berman Group LLC bought a new stake in shares of Erasca in the 4th quarter valued at approximately $33,000. Brevan Howard Capital Management LP bought a new stake in shares of Erasca in the 4th quarter valued at approximately $41,000. Finally, Cibc World Markets Corp acquired a new position in shares of Erasca in the 4th quarter worth approximately $43,000. Institutional investors own 67.78% of the company’s stock.

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.