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

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) has been given a consensus recommendation of "Buy" by the seven brokerages that are presently covering the company, Marketbeat.com reports. Seven equities research analysts have rated the stock with a buy rating. The average 12 month price target among brokers that have covered the stock in the last year is $4.57.

ERAS has been the subject of a number of analyst reports. Guggenheim set a $3.00 price objective on shares of Erasca and gave the stock a "buy" rating in a research report on Wednesday, May 14th. Raymond James Financial initiated coverage on shares of Erasca in a research report on Wednesday, March 26th. They set an "outperform" rating and a $5.00 price objective for the company. HC Wainwright restated a "buy" rating and set a $6.00 price objective on shares of Erasca in a research report on Wednesday, April 30th. Finally, The Goldman Sachs Group cut their price objective on shares of Erasca from $3.50 to $3.00 and set a "buy" rating for the company in a research report on Friday, March 21st.

Erasca Stock Performance

Erasca stock traded down $0.07 during trading hours on Thursday, reaching $1.45. 600,082 shares of the stock were exchanged, compared to its average volume of 1,628,126. The stock has a market cap of $410.77 million, a P/E ratio of -2.34 and a beta of 1.05. Erasca has a 52-week low of $1.01 and a 52-week high of $3.45. The firm's 50 day moving average is $1.38 and its 200 day moving average is $1.55.

Erasca (NASDAQ:ERAS - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($0.11) EPS for the quarter, topping analysts' consensus estimates of ($0.12) by $0.01. Equities research analysts expect that Erasca will post -0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Erasca

A number of institutional investors and hedge funds have recently made changes to their positions in ERAS. Wealth Enhancement Advisory Services LLC acquired a new stake in Erasca in the 1st quarter valued at about $39,000. California State Teachers Retirement System grew its stake in Erasca by 7.1% in the 4th quarter. California State Teachers Retirement System now owns 171,821 shares of the company's stock valued at $431,000 after acquiring an additional 11,385 shares during the last quarter. Ameriprise Financial Inc. grew its stake in Erasca by 165.6% in the 4th quarter. Ameriprise Financial Inc. now owns 55,585 shares of the company's stock valued at $140,000 after acquiring an additional 34,657 shares during the last quarter. ProShare Advisors LLC grew its stake in Erasca by 29.7% in the 4th quarter. ProShare Advisors LLC now owns 65,155 shares of the company's stock valued at $164,000 after acquiring an additional 14,921 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Erasca by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,762,696 shares of the company's stock valued at $4,424,000 after acquiring an additional 39,066 shares during the last quarter. 67.78% of the stock is owned by institutional investors and hedge funds.

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.