Erasca, Inc. (NASDAQ:ERAS) Receives $4.83 Consensus Target Price from Brokerages

Erasca, Inc. (NASDAQ:ERAS) has received an average rating of “Buy” from the six ratings firms that are currently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy rating. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $4.83.

Several equities research analysts have recently commented on ERAS shares. Morgan Stanley reissued an “overweight” rating and set a $4.00 target price on shares of Erasca in a research report on Friday, March 7th. Bank of America raised Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a report on Tuesday, January 7th. Raymond James began coverage on Erasca in a report on Wednesday, March 26th. They issued an “outperform” rating and a $5.00 target price on the stock. The Goldman Sachs Group decreased their price target on Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a report on Friday, March 21st. Finally, HC Wainwright restated a “buy” rating and set a $6.00 price objective on shares of Erasca in a research note on Friday, March 21st.

Institutional Trading of Erasca

A number of hedge funds have recently bought and sold shares of ERAS. AXQ Capital LP purchased a new stake in shares of Erasca during the 4th quarter valued at $27,000. Mackenzie Financial Corp purchased a new stake in Erasca during the fourth quarter worth about $28,000. Neuberger Berman Group LLC bought a new stake in Erasca in the fourth quarter worth about $33,000. Brevan Howard Capital Management LP purchased a new position in Erasca in the fourth quarter valued at about $41,000. Finally, Cibc World Markets Corp bought a new position in shares of Erasca during the 4th quarter valued at approximately $43,000. 67.78% of the stock is currently owned by institutional investors.

Erasca Stock Performance

Shares of Erasca stock opened at $1.16 on Tuesday. The stock has a market capitalization of $328.59 million, a PE ratio of -1.40 and a beta of 1.14. Erasca has a 52 week low of $1.04 and a 52 week high of $3.45. The stock has a 50 day moving average price of $1.52 and a two-hundred day moving average price of $2.25.

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

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.