Erasca, Inc. (NASDAQ:ERAS) Receives $3.71 Consensus PT from Analysts

Shares of Erasca, Inc. (NASDAQ:ERAS) have been given an average recommendation of “Moderate Buy” by the seven ratings firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and five have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $3.7143.

A number of analysts have recently issued reports on the company. Morgan Stanley reiterated an “equal weight” rating and set a $2.00 target price (down previously from $4.00) on shares of Erasca in a report on Monday, August 18th. Wall Street Zen upgraded shares of Erasca from a “sell” rating to a “hold” rating in a research note on Sunday, September 21st. Finally, Bank of America reaffirmed an “underperform” rating and set a $1.00 price target (down from $4.00) on shares of Erasca in a research report on Wednesday, September 3rd.

Erasca Trading Down 5.2%

ERAS stock opened at $1.81 on Tuesday. The stock has a 50-day moving average price of $1.59 and a two-hundred day moving average price of $1.45. Erasca has a 12-month low of $1.01 and a 12-month high of $3.31. The company has a market cap of $513.44 million, a PE ratio of -4.02 and a beta of 1.08.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.12). Equities 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 modified their holdings of the stock. Frazier Life Sciences Management L.P. boosted its holdings in Erasca by 0.7% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 22,729,436 shares of the company’s stock worth $28,866,000 after acquiring an additional 153,585 shares during the period. VR Adviser LLC boosted its stake in shares of Erasca by 10.1% in the second quarter. VR Adviser LLC now owns 17,857,083 shares of the company’s stock valued at $22,678,000 after purchasing an additional 1,640,867 shares during the period. T. Rowe Price Investment Management Inc. boosted 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 valued at $23,691,000 after purchasing an additional 581,817 shares during the period. Paradigm Biocapital Advisors LP boosted its position in Erasca by 0.5% in the 1st quarter. Paradigm Biocapital Advisors LP now owns 10,802,354 shares of the company’s stock valued at $14,799,000 after buying an additional 50,000 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Erasca by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 4,835,642 shares of the company’s stock valued at $6,143,000 after buying an additional 77,790 shares during 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.