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

Key Points

• Analysts hold a “Moderate Buy” consensus on Erasca, with eight buy ratings, two holds and one sell among 11 firms. The average 12-month price target is $22.09, above the reported $15.22 opening price.
• Erasca reported a quarterly loss of $0.14 per share, missing the consensus estimate of a $0.11 loss; analysts expect a full-year loss of $0.49 per share.
• Institutional investors own 67.78% of the company, with firms including Frazier Life Sciences, BlackRock, Vivo Capital and Siren holding or adding substantial positions.

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) has been given an average rating of "Moderate Buy" by the eleven research firms that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $22.09.

Several analysts recently issued reports on the company. Guggenheim increased their price objective on Erasca from $20.00 to $21.00 and gave the stock a "buy" rating in a report on Thursday, August 13th. Weiss Ratings restated a "sell (d-)" rating on shares of Erasca in a research note on Tuesday, September 8th. HSBC set a $20.00 target price on Erasca in a research report on Tuesday, July 14th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Erasca in a research note on Tuesday, July 14th. Finally, Bank of America lifted their price target on Erasca from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Friday, August 14th.

Erasca Stock Performance

Erasca stock opened at $15.22 on Wednesday. Erasca has a twelve month low of $2.11 and a twelve month high of $24.28. The firm has a market cap of $5.32 billion, a PE ratio of -16.02 and a beta of 0.61. The firm's 50 day moving average price is $15.66 and its two-hundred day moving average price is $14.85.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its earnings results 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 hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Frazier Life Sciences Management L.P. lifted its stake in Erasca by 1.2% in the second quarter. Frazier Life Sciences Management L.P. now owns 24,975,188 shares of the company's stock valued at $457,545,000 after acquiring an additional 300,000 shares during the last quarter. BlackRock Inc. bought a new stake in Erasca in the second quarter worth approximately $387,544,000. Vivo Capital LLC increased its stake in shares of Erasca by 31.0% during the 1st quarter. Vivo Capital LLC now owns 12,151,480 shares of the company's stock worth $196,611,000 after purchasing an additional 2,878,052 shares during the last quarter. Siren L.L.C. increased its stake in shares of Erasca by 28.4% during the 1st quarter. Siren L.L.C. now owns 11,244,246 shares of the company's stock worth $181,932,000 after purchasing an additional 2,486,997 shares during the last quarter. Finally, ARCH Venture Management LLC acquired a new position in shares of Erasca during the 2nd quarter worth $129,917,324. Institutional investors own 67.78% of the company's stock.

Erasca Company Profile

Erasca, Inc NASDAQ: ERAS is a clinical-stage biopharmaceutical company focused on developing precision medicines for patients with RAS/MAPK pathway-driven cancers. The company's research and development programs are designed to target molecular alterations that contribute to tumor growth and treatment resistance, including mutations involving the RAS family of proteins and related signaling pathways.

Erasca's pipeline has included small-molecule oncology candidates such as naporafenib, a pan-RAF inhibitor being studied in cancers with aberrant RAS/MAPK signaling, as well as additional investigational therapies intended to address difficult-to-treat oncogenic drivers.

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