Erasca, Inc. (NASDAQ:ERAS) Receives Average Recommendation of "Buy" from Brokerages

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) has received an average rating of "Buy" from the seven analysts that are presently covering the company, MarketBeat reports. Seven analysts have rated the stock with a buy rating. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $4.57.

A number of analysts have weighed in on the company. Raymond James assumed coverage on Erasca in a report on Wednesday, March 26th. They set an "outperform" rating and a $5.00 price target for the company. HC Wainwright reiterated a "buy" rating and set a $6.00 price target on shares of Erasca in a report on Wednesday, April 30th. Guggenheim set a $3.00 target price on Erasca and gave the company a "buy" rating in a research note on Wednesday, May 14th. The Goldman Sachs Group reduced their target price on Erasca from $3.50 to $3.00 and set a "buy" rating for the company in a research note on Friday, March 21st. Finally, Morgan Stanley restated an "overweight" rating and issued a $4.00 target price on shares of Erasca in a research note on Friday, March 7th.

Erasca Stock Up 0.8%

Erasca stock traded up $0.01 during trading hours on Wednesday, reaching $1.22. 933,416 shares of the company's stock were exchanged, compared to its average volume of 1,746,481. The firm's 50 day simple moving average is $1.31 and its 200 day simple moving average is $1.87. Erasca has a twelve month low of $1.01 and a twelve month high of $3.45. The firm has a market capitalization of $345.61 million, a PE ratio of -1.47 and a beta of 1.12.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.01. Analysts anticipate that Erasca will post -0.73 EPS for the current year.

Hedge Funds Weigh In On Erasca

Hedge funds have recently added to or reduced their stakes in the stock. AXQ Capital LP acquired a new position in Erasca during the 4th quarter valued at about $27,000. Mackenzie Financial Corp acquired a new position in Erasca during the 4th quarter valued at about $28,000. Neuberger Berman Group LLC acquired a new position in Erasca during the 4th quarter valued at about $33,000. Wealth Enhancement Advisory Services LLC acquired a new position in Erasca during the 1st quarter valued at about $39,000. Finally, Brevan Howard Capital Management LP acquired a new position in Erasca during the 4th quarter valued at about $41,000. Institutional investors and hedge funds own 67.78% of the company's stock.

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.