Erasca, Inc. (NASDAQ:ERAS) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Erasca, Inc. (NASDAQ:ERAS) have been assigned a consensus recommendation of “Moderate Buy” from the five ratings firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $6.10.

ERAS has been the subject of a number of recent research reports. HC Wainwright reiterated a “buy” rating and set a $6.00 price target on shares of Erasca in a report on Wednesday, November 13th. Jefferies Financial Group initiated coverage on shares of Erasca in a report on Monday. They set a “buy” rating and a $6.00 price target for the company. Finally, The Goldman Sachs Group lifted their price target on shares of Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a report on Friday, October 25th.

Erasca Stock Performance

ERAS stock opened at $2.98 on Monday. Erasca has a one year low of $1.51 and a one year high of $3.45. The stock has a market capitalization of $842.54 million, a PE ratio of -3.59 and a beta of 1.16. The company has a fifty day moving average of $2.78 and a 200-day moving average of $2.62.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.06. Equities analysts forecast that Erasca will post -0.82 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ERAS. Vanguard Group Inc. lifted its position in Erasca by 14.4% during the first quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock valued at $8,937,000 after buying an additional 545,765 shares in the last quarter. Acadian Asset Management LLC lifted its position in Erasca by 286.5% during the first quarter. Acadian Asset Management LLC now owns 346,953 shares of the company’s stock valued at $713,000 after buying an additional 257,174 shares in the last quarter. Edmonds Duncan Registered Investment Advisors LLC lifted its position in Erasca by 41.2% during the second 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 in the last quarter. Bank of New York Mellon Corp lifted its position in Erasca by 50.6% during the second quarter. Bank of New York Mellon Corp now owns 392,490 shares of the company’s stock valued at $926,000 after buying an additional 131,829 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in Erasca by 27.2% during the second quarter. Rhumbline Advisers now owns 154,615 shares of the company’s stock valued at $365,000 after buying an additional 33,106 shares in the last quarter. 67.78% of the stock is owned by institutional investors and hedge funds.

Erasca Company Profile

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.