Erasca (NASDAQ:ERAS) Downgraded by Wall Street Zen to Sell

Erasca (NASDAQ:ERAS) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

Several other equities research analysts also recently weighed in on ERAS. Bank of America reissued an “underperform” rating and issued a $1.00 price target (down previously from $4.00) on shares of Erasca in a report on Wednesday, September 3rd. Morgan Stanley reiterated an “equal weight” rating and issued a $2.00 target price (down from $4.00) on shares of Erasca in a research note on Monday, August 18th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.71.

Erasca Stock Down 3.1%

NASDAQ ERAS opened at $1.56 on Friday. Erasca has a 52 week low of $1.01 and a 52 week high of $3.31. The company has a 50 day moving average price of $1.54 and a 200 day moving average price of $1.42. The firm has a market cap of $442.53 million, a PE ratio of -3.47 and a beta of 1.08.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.12). On average, equities research analysts anticipate that Erasca will post -0.73 earnings per share for the current fiscal year.

Institutional Trading of Erasca

A number of hedge funds have recently modified their holdings of the stock. Frazier Life Sciences Management L.P. boosted its position in Erasca by 16.4% in the 1st quarter. Frazier Life Sciences Management L.P. now owns 22,575,851 shares of the company’s stock worth $30,929,000 after purchasing an additional 3,184,164 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Erasca by 73.3% in the 4th quarter. Millennium Management LLC now owns 4,177,900 shares of the company’s stock valued at $10,487,000 after purchasing an additional 1,767,350 shares during the period. VR Adviser LLC boosted its holdings in Erasca by 10.1% during the second quarter. VR Adviser LLC now owns 17,857,083 shares of the company’s stock worth $22,678,000 after buying an additional 1,640,867 shares in the last quarter. Affinity Asset Advisors LLC grew its position in Erasca by 33.7% during the first quarter. Affinity Asset Advisors LLC now owns 3,341,519 shares of the company’s stock valued at $4,578,000 after buying an additional 842,088 shares during the period. Finally, T. Rowe Price Investment Management Inc. increased its holdings in 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 valued at $23,691,000 after buying an additional 581,817 shares in the last quarter. Hedge funds and other 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.