Erasca, Inc. (NASDAQ:ERAS) Receives $4.57 Consensus Price Target from Brokerages

Erasca, Inc. (NASDAQ:ERAS) has received a consensus rating of “Buy” from the seven analysts that are covering the stock, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $4.57.

ERAS has been the subject of several recent analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 target price on shares of Erasca in a report on Wednesday, April 30th. Raymond James Financial started coverage on shares of Erasca in a research report on Wednesday, March 26th. They set an “outperform” rating and a $5.00 target price for the company. Guggenheim set a $3.00 target price on shares of Erasca and gave the company a “buy” rating in a research report on Wednesday, May 14th. Finally, 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 report on Friday, March 21st.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. AXQ Capital LP purchased a new position in Erasca in the 4th quarter worth about $27,000. Mackenzie Financial Corp bought a new position in Erasca during the 4th quarter worth about $28,000. Neuberger Berman Group LLC bought a new position in Erasca during the 4th quarter worth about $33,000. Wealth Enhancement Advisory Services LLC bought a new position in Erasca during the 1st quarter worth about $39,000. Finally, Brevan Howard Capital Management LP bought a new position in Erasca during the 4th quarter worth about $41,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Erasca Trading Down 4.6%

Shares of ERAS opened at $1.45 on Thursday. The firm’s 50-day moving average price is $1.38 and its 200-day moving average price is $1.55. The firm has a market capitalization of $410.77 million, a price-to-earnings ratio of -2.34 and a beta of 1.05. Erasca has a 1-year low of $1.01 and a 1-year high of $3.45.

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

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.