Erasca, Inc. (NASDAQ:ERAS) Given Average Rating of “Buy” by Analysts

Shares of Erasca, Inc. (NASDAQ:ERAS) have received a consensus recommendation of “Buy” from the seven ratings firms that are presently covering the firm, Marketbeat Ratings reports. Seven analysts have rated the stock with a buy recommendation. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $4.57.

A number of equities research analysts have recently weighed in on the stock. HC Wainwright reiterated a “buy” rating and issued a $6.00 price target on shares of Erasca in a research report on Wednesday, April 30th. Raymond James initiated coverage on shares of Erasca in a research note on Wednesday, March 26th. They issued an “outperform” rating and a $5.00 price objective on the stock. Morgan Stanley reissued an “overweight” rating and issued a $4.00 price objective on shares of Erasca in a research note on Friday, March 7th. The Goldman Sachs Group dropped their target price on shares of Erasca from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, March 21st. Finally, Guggenheim set a $3.00 price objective on shares of Erasca and gave the company a “buy” rating in a report on Wednesday, May 14th.

Institutional Investors Weigh In On Erasca

Large investors have recently modified their holdings of the stock. Frazier Life Sciences Management L.P. raised its holdings in shares of Erasca by 16.4% during the first quarter. Frazier Life Sciences Management L.P. now owns 22,575,851 shares of the company’s stock valued at $30,929,000 after purchasing an additional 3,184,164 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its stake in shares of Erasca by 3.5% in the first quarter. T. Rowe Price Investment Management Inc. now owns 17,292,164 shares of the company’s stock worth $23,691,000 after purchasing an additional 581,817 shares in the last quarter. Paradigm Biocapital Advisors LP increased its stake in shares of Erasca by 0.5% in the first quarter. Paradigm Biocapital Advisors LP now owns 10,802,354 shares of the company’s stock worth $14,799,000 after purchasing an additional 50,000 shares in the last quarter. Silverarc Capital Management LLC lifted its stake in Erasca by 8.6% in the 4th quarter. Silverarc Capital Management LLC now owns 7,543,901 shares of the company’s stock worth $18,935,000 after purchasing an additional 597,413 shares in the last quarter. Finally, Octagon Capital Advisors LP bought a new position in shares of Erasca during the 4th quarter valued at about $12,893,000. Institutional investors own 67.78% of the company’s stock.

Erasca Stock Performance

Shares of NASDAQ:ERAS opened at $1.28 on Wednesday. The business has a fifty day moving average of $1.33 and a 200-day moving average of $1.93. Erasca has a twelve month low of $1.01 and a twelve month high of $3.45. The firm has a market cap of $362.61 million, a PE ratio of -1.54 and a beta of 1.12.

Erasca (NASDAQ:ERAS) last released its earnings results on Tuesday, May 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.01. On average, analysts anticipate that Erasca will post -0.73 EPS for the current fiscal year.

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.