Erasca (NASDAQ:ERAS) Given New $15.00 Price Target at HC Wainwright

Erasca (NASDAQ:ERAS) had its price target raised by HC Wainwright from $11.00 to $15.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

ERAS has been the topic of several other reports. Piper Sandler lifted their price objective on shares of Erasca from $5.00 to $11.00 and gave the company an “overweight” rating in a research report on Friday, January 16th. Mizuho lifted their price target on Erasca from $4.00 to $5.00 and gave the company an “outperform” rating in a report on Tuesday, December 9th. Stifel Nicolaus set a $10.00 price objective on Erasca in a research report on Monday, January 12th. Guggenheim increased their price objective on Erasca from $3.00 to $5.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research note on Thursday. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Erasca has a consensus rating of “Moderate Buy” and a consensus price target of $7.22.

Erasca Stock Down 3.5%

Shares of NASDAQ:ERAS opened at $9.61 on Monday. The firm has a 50-day simple moving average of $4.75 and a 200 day simple moving average of $2.90. The company has a market cap of $2.73 billion, a PE ratio of -21.36 and a beta of 1.15. Erasca has a fifty-two week low of $1.01 and a fifty-two week high of $10.67.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.11). As a group, research analysts forecast that Erasca will post -0.73 EPS for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Erasca

Several hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Erasca by 25.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,787 shares of the company’s stock worth $51,000 after buying an additional 2,820 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Erasca during the third quarter worth about $31,000. SG Americas Securities LLC bought a new stake in Erasca in the third quarter worth about $32,000. Crowley Wealth Management Inc. acquired a new stake in Erasca in the 3rd quarter valued at about $33,000. Finally, Wealthcare Advisory Partners LLC acquired a new stake in Erasca in the 4th quarter valued at about $56,000. 67.78% of the stock is currently owned by institutional investors and hedge funds.

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.