Erasca (NASDAQ:ERAS) Earns “Buy” Rating from HC Wainwright

Erasca (NASDAQ:ERAS)‘s stock had its “buy” rating reiterated by research analysts at HC Wainwright in a report released on Thursday, Benzinga reports. They presently have a $8.00 price objective on the stock. HC Wainwright’s price target points to a potential upside of 272.09% from the stock’s current price.

Other research analysts have also issued reports about the company. Capital One Financial reaffirmed an “overweight” rating and set a $8.00 target price on shares of Erasca in a report on Monday, March 11th. The Goldman Sachs Group increased their price objective on Erasca from $6.00 to $7.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Erasca has a consensus rating of “Moderate Buy” and a consensus price target of $7.83.

Erasca Stock Performance

Erasca stock opened at $2.15 on Thursday. The company has a market cap of $372.72 million, a P/E ratio of -2.59 and a beta of 1.06. Erasca has a 1 year low of $1.51 and a 1 year high of $3.38. The firm’s 50-day moving average is $2.11 and its 200-day moving average is $2.04.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Wednesday, March 27th. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.04. As a group, sell-side analysts predict that Erasca will post -0.92 earnings per share for the current year.

Institutional Trading of Erasca

Several institutional investors have recently made changes to their positions in the stock. Susquehanna Fundamental Investments LLC bought a new position in Erasca during the first quarter valued at approximately $216,000. CVI Holdings LLC bought a new stake in Erasca in the first quarter worth $3,000,000. China Universal Asset Management Co. Ltd. increased its position in Erasca by 66.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 29,013 shares of the company’s stock worth $60,000 after buying an additional 11,541 shares during the last quarter. Aaron Wealth Advisors LLC lifted its position in shares of Erasca by 107.5% in the first quarter. Aaron Wealth Advisors LLC now owns 27,735 shares of the company’s stock worth $57,000 after buying an additional 14,367 shares during the last quarter. Finally, Sierra Summit Advisors LLC bought a new stake in shares of Erasca during the 4th quarter worth about $225,000. 67.78% of the stock is currently owned by institutional investors and hedge funds.

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.