Erasca (NASDAQ:ERAS) Now Covered by Analysts at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Erasca (NASDAQ:ERAS) in a research report released on Monday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $6.00 price target on the stock.

A number of other brokerages also recently issued reports on ERAS. The Goldman Sachs Group boosted their price objective on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Friday, October 25th. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price target on shares of Erasca in a report on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Erasca has a consensus rating of “Moderate Buy” and an average target price of $6.08.

Erasca Trading Down 1.3 %

ERAS opened at $2.61 on Monday. Erasca has a 1-year low of $1.51 and a 1-year high of $3.45. The firm’s 50 day simple moving average is $2.75 and its two-hundred day simple moving average is $2.63. The company has a market capitalization of $736.51 million, a PE ratio of -3.14 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last announced its earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.06. Equities analysts forecast that Erasca will post -0.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Erasca

Hedge funds and other institutional investors have recently modified their holdings of the stock. Federated Hermes Inc. purchased a new stake in Erasca in the 2nd quarter worth $31,000. Sei Investments Co. bought a new position in Erasca during the second quarter valued at approximately $39,000. Creative Planning boosted its stake in Erasca by 23.0% during the third quarter. Creative Planning now owns 20,014 shares of the company’s stock valued at $55,000 after buying an additional 3,737 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Erasca by 82.2% during the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after buying an additional 9,689 shares in the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC increased its stake in Erasca by 41.2% in the 2nd quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock worth $81,000 after acquiring an additional 10,000 shares during the last quarter. 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.