Erasca, Inc. (NASDAQ:ERAS) Given Consensus Recommendation of "Buy" by Brokerages

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

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

Erasca Price Performance

Shares of NASDAQ ERAS opened at $1.48 on Friday. The business's 50 day moving average is $1.34 and its two-hundred day moving average is $1.74. Erasca has a 1-year low of $1.01 and a 1-year high of $3.45. The stock has a market capitalization of $419.26 million, a P/E ratio of -1.78 and a beta of 1.09.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.01. As a group, equities research analysts anticipate that Erasca will post -0.73 earnings per share for the current fiscal year.

Institutional Trading of Erasca

A number of large investors have recently modified their holdings of the company. AXQ Capital LP purchased a new stake in Erasca during the fourth quarter worth $27,000. Mackenzie Financial Corp purchased a new stake in Erasca during the fourth quarter worth $28,000. Neuberger Berman Group LLC purchased a new stake in Erasca during the fourth quarter worth $33,000. Brevan Howard Capital Management LP purchased a new stake in Erasca during the fourth quarter worth $41,000. Finally, Cibc World Markets Corp purchased a new stake in Erasca during the fourth quarter worth $43,000. Hedge funds and other institutional investors own 67.78% of the company's stock.

About Erasca

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.

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