Erasca, Inc. (NASDAQ:ERAS) Receives $6.10 Average PT from Brokerages

Shares of Erasca, Inc. (NASDAQ:ERAS) have earned a consensus rating of “Moderate Buy” from the six ratings firms that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $6.08.

Several equities analysts have recently commented on the stock. HC Wainwright reissued a “buy” rating and issued a $6.00 target price on shares of Erasca in a report on Wednesday, November 13th. The Goldman Sachs Group lifted their price target on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Jefferies Financial Group began coverage on shares of Erasca in a report on Monday, November 18th. They set a “buy” rating and a $6.00 price objective for the company.

Erasca Stock Up 3.8 %

NASDAQ:ERAS opened at $2.70 on Monday. The business’s 50-day simple moving average is $2.75 and its two-hundred day simple moving average is $2.64. Erasca has a 52 week low of $1.51 and a 52 week high of $3.45. The stock has a market cap of $763.36 million, a PE ratio of -3.25 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last issued its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.06. Sell-side analysts anticipate that Erasca will post -0.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Erasca

Institutional investors have recently bought and sold shares of the business. Federated Hermes Inc. purchased a new stake in shares of Erasca during the 2nd quarter valued at about $31,000. Sei Investments Co. purchased a new stake in Erasca during the second quarter valued at approximately $39,000. Creative Planning boosted its holdings in shares of Erasca by 23.0% in the 3rd quarter. Creative Planning now owns 20,014 shares of the company’s stock worth $55,000 after purchasing an additional 3,737 shares during the period. Victory Capital Management Inc. increased its position in shares of 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 purchasing an additional 9,689 shares during the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC raised its holdings in Erasca by 41.2% during the 2nd quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock valued at $81,000 after buying an additional 10,000 shares during the period. 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.