Erasca (NASDAQ:ERAS) Given New $11.00 Price Target at HC Wainwright

Erasca (NASDAQ:ERAS) had its target price upped by HC Wainwright from $6.00 to $11.00 in a research report released on Tuesday,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

Other equities research analysts have also issued research reports about the company. Mizuho upped their price target on shares of Erasca from $4.00 to $5.00 and gave the company an “outperform” rating in a report on Tuesday, December 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a research note on Wednesday, October 8th. Piper Sandler began coverage on Erasca in a research note on Wednesday, January 7th. They set an “overweight” rating and a $5.00 price objective on the stock. Stifel Nicolaus set a $10.00 target price on Erasca in a report on Monday. Finally, Guggenheim boosted their price target on Erasca from $3.00 to $5.00 and gave the company a “buy” rating in a report on Friday, November 14th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $5.44.

Erasca Stock Performance

Erasca stock opened at $7.51 on Tuesday. The company has a market capitalization of $2.13 billion, a price-to-earnings ratio of -16.69 and a beta of 1.15. Erasca has a fifty-two week low of $1.01 and a fifty-two week high of $7.56. The stock has a fifty day moving average of $3.46 and a two-hundred day moving average of $2.38.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.11). On average, analysts forecast that Erasca will post -0.73 EPS for the current fiscal year.

Insider Buying and Selling at Erasca

In other Erasca news, General Counsel Ebun Garner sold 120,000 shares of the business’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $5.59, for a total transaction of $670,800.00. Following the sale, the general counsel directly owned 25,076 shares of the company’s stock, valued at $140,174.84. The trade was a 82.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 14.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ERAS. Frazier Life Sciences Management L.P. raised its position in shares of Erasca by 0.7% during the second quarter. Frazier Life Sciences Management L.P. now owns 22,729,436 shares of the company’s stock valued at $28,866,000 after buying an additional 153,585 shares during the last quarter. VR Adviser LLC grew its position 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. Paradigm Biocapital Advisors LP increased its stake in Erasca by 13.9% during the third quarter. Paradigm Biocapital Advisors LP now owns 13,560,017 shares of the company’s stock valued at $29,561,000 after acquiring an additional 1,652,835 shares during the period. Vanguard Group Inc. raised its holdings in Erasca by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,811,832 shares of the company’s stock valued at $27,930,000 after acquiring an additional 116,235 shares in the last quarter. Finally, Vivo Capital LLC raised its holdings in Erasca by 37.2% in the 3rd quarter. Vivo Capital LLC now owns 9,273,428 shares of the company’s stock valued at $20,216,000 after acquiring an additional 2,516,672 shares in the last quarter. Institutional investors own 67.78% of the company’s stock.

About Erasca

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.