Brokerages Set Erasca, Inc. (NASDAQ:ERAS) PT at $4.57

Shares of Erasca, Inc. (NASDAQ:ERAS - Get Free Report) have been assigned an average recommendation of "Buy" from the seven ratings firms that are covering the company, MarketBeat Ratings reports. Seven research analysts have rated the stock with a buy rating. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $4.57.

ERAS has been the topic of a number of analyst reports. Raymond James Financial initiated coverage on shares of Erasca in a research report on Wednesday, March 26th. They issued an "outperform" rating and a $5.00 price objective on the stock. Morgan Stanley restated an "overweight" rating and issued a $4.00 price objective on shares of Erasca in a research report on Friday, March 7th. HC Wainwright restated a "buy" rating and issued a $6.00 price objective on shares of Erasca in a research report on Wednesday, April 30th. 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. Finally, The Goldman Sachs Group reduced their price target on shares of Erasca from $3.50 to $3.00 and set a "buy" rating on the stock in a research report on Friday, March 21st.

Hedge Funds Weigh In On Erasca

Several hedge funds and other institutional investors have recently modified their holdings of ERAS. Rhumbline Advisers increased its position in shares of Erasca by 5.4% during the fourth quarter. Rhumbline Advisers now owns 223,888 shares of the company's stock valued at $562,000 after buying an additional 11,400 shares during the period. New York State Common Retirement Fund increased its position in shares of Erasca by 42.4% during the fourth quarter. New York State Common Retirement Fund now owns 26,859 shares of the company's stock valued at $67,000 after buying an additional 8,000 shares during the period. Bank of New York Mellon Corp boosted its stake in Erasca by 6.9% during the fourth quarter. Bank of New York Mellon Corp now owns 544,819 shares of the company's stock worth $1,367,000 after acquiring an additional 35,268 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Erasca by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,762,696 shares of the company's stock worth $4,424,000 after acquiring an additional 39,066 shares in the last quarter. Finally, Swiss National Bank boosted its stake in Erasca by 9.6% during the fourth quarter. Swiss National Bank now owns 361,200 shares of the company's stock worth $907,000 after acquiring an additional 31,500 shares in the last quarter. Hedge funds and other institutional investors own 67.78% of the company's stock.

Erasca Trading Up 2.2%

Shares of ERAS stock traded up $0.03 during mid-day trading on Friday, reaching $1.40. The stock had a trading volume of 645,554 shares, compared to its average volume of 1,763,933. The stock's 50-day moving average price is $1.35 and its two-hundred day moving average price is $1.72. Erasca has a 52-week low of $1.01 and a 52-week high of $3.45. The firm has a market capitalization of $396.61 million, a PE ratio of -2.26 and a beta of 1.09.

Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.01. On average, equities research analysts forecast that Erasca will post -0.73 earnings per share for the current year.

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.