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

Erasca (NASDAQ:ERAS)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a note issued to investors on Friday,Benzinga reports. They presently have a $6.00 target price on the stock. HC Wainwright’s target price suggests a potential upside of 292.16% from the company’s current price. HC Wainwright also issued estimates for Erasca’s FY2029 earnings at ($0.06) EPS.

ERAS has been the topic of several other reports. Morgan Stanley reaffirmed an “overweight” rating and issued a $4.00 price target on shares of Erasca in a report on Friday, March 7th. Bank of America upgraded shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a research note on Tuesday, January 7th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $4.80.

Erasca Trading Up 3.4 %

NASDAQ ERAS opened at $1.53 on Friday. The firm’s fifty day simple moving average is $1.63 and its two-hundred day simple moving average is $2.36. Erasca has a 12-month low of $1.23 and a 12-month high of $3.45. The firm has a market capitalization of $432.57 million, a P/E ratio of -1.84 and a beta of 1.22.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Wednesday, March 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.01. During the same quarter in the previous year, the business earned ($0.20) earnings per share. As a group, sell-side analysts predict that Erasca will post -0.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Erasca

Institutional investors and hedge funds have recently made changes to their positions in the stock. Barclays PLC lifted its stake in shares of Erasca by 627.5% during the third quarter. Barclays PLC now owns 343,930 shares of the company’s stock worth $939,000 after buying an additional 296,657 shares during the period. Geode Capital Management LLC lifted its position in Erasca by 36.0% during the third quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock valued at $12,295,000 after purchasing an additional 1,190,807 shares during the period. State Street Corp lifted its position in Erasca by 145.2% during the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock valued at $16,455,000 after purchasing an additional 3,569,440 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Erasca during the third quarter valued at $994,000. Finally, Fred Alger Management LLC acquired a new position in Erasca during the third quarter valued at $630,000. 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.