Erasca (NASDAQ:ERAS) Earns Outperform Rating from Analysts at Raymond James

Research analysts at Raymond James assumed coverage on shares of Erasca (NASDAQ:ERAS) in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $5.00 price target on the stock. Raymond James’ price objective points to a potential upside of 222.58% from the stock’s previous close.

Several other equities analysts have also recently issued reports on ERAS. Morgan Stanley reaffirmed an “overweight” rating and issued a $4.00 price objective on shares of Erasca in a research note on Friday, March 7th. HC Wainwright restated a “buy” rating and issued a $6.00 price target on shares of Erasca in a research report on Friday, March 21st. Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a research report on Tuesday, January 7th. Finally, The Goldman Sachs Group reduced their price objective on Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $4.83.

Erasca Price Performance

ERAS opened at $1.55 on Wednesday. The business has a 50 day moving average price of $1.59 and a two-hundred day moving average price of $2.33. The company has a market capitalization of $439.06 million, a price-to-earnings ratio of -1.87 and a beta of 1.22. Erasca has a 1-year low of $1.23 and a 1-year high of $3.45.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data on Thursday, March 20th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.01. During the same period last year, the business posted ($0.20) earnings per share. Equities analysts expect that Erasca will post -0.73 EPS for the current fiscal year.

Institutional Trading of Erasca

Large investors have recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. raised its position in Erasca by 10.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 59,949 shares of the company’s stock valued at $150,000 after buying an additional 5,614 shares during the period. New York State Common Retirement Fund grew its stake in Erasca by 42.4% during the 4th quarter. New York State Common Retirement Fund now owns 26,859 shares of the company’s stock valued at $67,000 after acquiring an additional 8,000 shares in the last quarter. MetLife Investment Management LLC increased its holdings in shares of Erasca by 8.7% in the 4th quarter. MetLife Investment Management LLC now owns 112,725 shares of the company’s stock valued at $283,000 after purchasing an additional 9,039 shares during the period. Hsbc Holdings PLC lifted its position in shares of Erasca by 57.3% in the fourth quarter. Hsbc Holdings PLC now owns 28,714 shares of the company’s stock worth $73,000 after purchasing an additional 10,458 shares in the last quarter. Finally, AXQ Capital LP acquired a new stake in shares of Erasca during the fourth quarter worth approximately $27,000. 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.