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

Key Points

• Erasca, Inc. has received a consensus rating of "Moderate Buy" from seven research firms, with an average price target of $4.29 per share over the next 12 months.
• Institutional investors hold 67.78% of Erasca's shares, with several firms including BNP Paribas and Dynamic Technology Lab increasing their stakes significantly in recent quarters.
• The company's lead drug, naporafenib, is currently in a phase 1b trial for RAS Q16X solid tumors, demonstrating Erasca's focus on targeted oncology therapies.

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) has earned a consensus rating of "Moderate Buy" from the seven research firms that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $3.7143.

ERAS has been the topic of several research reports. Morgan Stanley reiterated an "equal weight" rating and issued a $2.00 price target (down from $4.00) on shares of Erasca in a research report on Monday, August 18th. Guggenheim set a $3.00 price target on shares of Erasca and gave the company a "buy" rating in a research report on Wednesday, May 14th. Bank of America reiterated an "underperform" rating and issued a $1.00 price target (down from $4.00) on shares of Erasca in a research report on Wednesday. Finally, Wall Street Zen upgraded shares of Erasca from a "sell" rating to a "hold" rating in a research report on Saturday.

Erasca Stock Down 10.6%

NASDAQ ERAS traded down $0.17 during trading hours on Friday, hitting $1.43. 2,856,311 shares of the stock were exchanged, compared to its average volume of 641,381. The company has a market cap of $405.65 million, a price-to-earnings ratio of -3.18 and a beta of 1.08. Erasca has a 12-month low of $1.01 and a 12-month high of $3.31. The stock has a 50-day moving average of $1.50 and a 200 day moving average of $1.42.

Erasca (NASDAQ:ERAS - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.12). On average, equities research analysts expect that Erasca will post -0.73 earnings per share for the current year.

Hedge Funds Weigh In On Erasca

A number of large investors have recently bought and sold shares of ERAS. BNP Paribas Financial Markets raised its stake in Erasca by 58.0% during the second quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company's stock worth $27,000 after purchasing an additional 7,923 shares during the period. Mackenzie Financial Corp purchased a new position in Erasca during the fourth quarter worth approximately $28,000. EP Wealth Advisors LLC purchased a new position in Erasca during the second quarter worth approximately $29,000. Dynamic Technology Lab Private Ltd raised its stake in Erasca by 180.8% during the second quarter. Dynamic Technology Lab Private Ltd now owns 29,177 shares of the company's stock worth $37,000 after purchasing an additional 18,788 shares during the period. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in Erasca during the first quarter worth approximately $39,000. Hedge funds and other institutional investors 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.