Erasca, Inc. (NASDAQ:ERAS) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Erasca, with eight buy ratings, two holds and one sell among 11 analysts. The average 12-month price target is $22.09, above the reported opening price of $16.19.
• Erasca reported quarterly EPS of negative $0.14, missing the consensus estimate of negative $0.11. Analysts expect a full-year loss of approximately $0.49 per share.
• Institutional investors own 67.78% of the stock, with several major funds increasing their positions, including AQR Capital Management, Creative Planning and Invesco.

Shares of Erasca, Inc. (NASDAQ:ERAS - Get Free Report) have earned an average rating of "Moderate Buy" from the eleven analysts that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $22.0909.

A number of analysts recently commented on ERAS shares. HSBC set a $20.00 price objective on Erasca in a research report on Tuesday, July 14th. Guggenheim boosted their price target on Erasca from $20.00 to $21.00 and gave the company a "buy" rating in a research note on Thursday, August 13th. Morgan Stanley upped their price target on shares of Erasca from $12.00 to $21.00 and gave the company an "equal weight" rating in a research report on Monday, July 20th. HC Wainwright increased their price objective on shares of Erasca from $18.00 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Erasca in a report on Tuesday, July 14th.

Erasca Price Performance

NASDAQ:ERAS opened at $16.19 on Tuesday. The firm's 50-day moving average price is $18.30 and its 200-day moving average price is $15.76. The company has a market capitalization of $5.66 billion, a PE ratio of -17.04 and a beta of 0.64. Erasca has a 1-year low of $1.47 and a 1-year high of $24.28.

Erasca (NASDAQ:ERAS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.03). Equities analysts anticipate that Erasca will post -0.49 EPS for the current fiscal year.

Hedge Funds Weigh In On Erasca

Several large investors have recently made changes to their positions in ERAS. AQR Capital Management LLC boosted its stake in Erasca by 594.8% during the first quarter. AQR Capital Management LLC now owns 396,202 shares of the company's stock valued at $543,000 after buying an additional 339,177 shares during the last quarter. Geode Capital Management LLC increased its stake in Erasca by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 4,835,642 shares of the company's stock worth $6,143,000 after acquiring an additional 77,790 shares during the last quarter. Creative Planning raised its holdings in shares of Erasca by 423.3% during the 2nd quarter. Creative Planning now owns 244,332 shares of the company's stock worth $310,000 after acquiring an additional 197,637 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of Erasca by 39.1% during the 2nd quarter. New York State Common Retirement Fund now owns 37,360 shares of the company's stock valued at $47,000 after acquiring an additional 10,501 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Erasca by 51.6% in the second quarter. Invesco Ltd. now owns 172,226 shares of the company's stock valued at $219,000 after purchasing an additional 58,643 shares in the last quarter. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

Erasca Company Profile

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca's approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca's pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.

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