Erasca, Inc. (NASDAQ:ERAS) Stock Has Consensus Target Price of $22.09

Key Points

• Analysts maintain a “Moderate Buy” consensus on Erasca, with eight buy, two hold, and one sell rating among 11 brokerages. The average 12-month price target is $22.09, above the stock’s reported $14.74 opening price.
• Erasca shares were up 1.1%, with a market capitalization of approximately $5.16 billion and a 52-week range of $2.11 to $24.28. The company reported quarterly EPS of negative $0.14, missing the consensus estimate of negative $0.11.
• Institutional investors and hedge funds own approximately 67.78% of Erasca’s stock. The clinical-stage biopharmaceutical company is developing precision cancer medicines targeting abnormalities in the RAS/MAPK signaling pathway.

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) has received an average recommendation of "Moderate Buy" from the eleven brokerages that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $22.09.

A number of analysts have weighed in on ERAS shares. HC Wainwright increased their price target on Erasca from $18.00 to $22.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Bank of America lifted their target price on Erasca from $18.00 to $20.00 and gave the stock a "neutral" rating in a report on Friday, August 14th. Morgan Stanley lifted their price objective on shares of Erasca from $12.00 to $21.00 and gave the company an "equal weight" rating in a research note on Monday, July 20th. Guggenheim increased their target price on shares of Erasca from $20.00 to $21.00 and gave the stock a "buy" rating in a research note on Thursday, August 13th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Erasca in a report on Tuesday, September 8th.

Erasca Stock Up 1.1%

Shares of Erasca stock opened at $14.74 on Friday. The stock has a market cap of $5.16 billion, a price-to-earnings ratio of -15.52 and a beta of 0.61. Erasca has a twelve month low of $2.11 and a twelve month high of $24.28. The company's fifty day moving average is $16.85 and its 200 day moving average is $15.87.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Wealthcare Advisory Partners LLC raised its holdings in Erasca by 5.0% during the second quarter. Wealthcare Advisory Partners LLC now owns 15,924 shares of the company's stock worth $292,000 after buying an additional 756 shares during the last quarter. Abel Hall LLC grew its holdings in shares of Erasca by 8.1% during the first quarter. Abel Hall LLC now owns 16,947 shares of the company's stock valued at $274,000 after buying an additional 1,265 shares during the last quarter. Nykredit A S bought a new stake in shares of Erasca during the second quarter worth about $29,000. Allworth Financial LP acquired a new stake in shares of Erasca in the 2nd quarter worth about $34,000. Finally, EverSource Wealth Advisors LLC lifted its position in Erasca by 77.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company's stock valued at $69,000 after acquiring an additional 1,859 shares in the last quarter. 67.78% of the stock is owned by institutional investors and hedge funds.

Erasca Company Profile

Erasca, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for cancers driven by abnormal signaling in the RAS/MAPK pathway. The company's research and development activities target tumors with RAS mutations or other alterations that can promote cancer growth and resistance to treatment.

Erasca's pipeline has included naporafenib, an investigational pan-RAF inhibitor designed to block signaling downstream of RAF proteins, as well as other targeted therapies aimed at genetically defined cancer populations.

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