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

Key Points

• Erasca, Inc. has received a consensus recommendation of "Moderate Buy" from seven analysts, with five ratings as buy and one as a hold and sell respectively.
• The average 1-year price target among analysts for Erasca's shares is $3.71.
• Erasca's stock is currently down 3.3% and opened at $1.78, with a market cap of approximately $504.93 million.

Shares of Erasca, Inc. (NASDAQ:ERAS - Get Free Report) have earned a consensus rating of "Moderate Buy" from the seven research firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $3.7143.

Several analysts recently issued reports on the company. Wall Street Zen upgraded Erasca from a "sell" rating to a "hold" rating in a report on Sunday. Bank of America reiterated an "underperform" rating and issued a $1.00 price target (down from $4.00) on shares of Erasca in a report on Wednesday, September 3rd. Finally, Morgan Stanley reiterated an "equal weight" rating and issued a $2.00 price target (down from $4.00) on shares of Erasca in a report on Monday, August 18th.

Erasca Stock Down 3.3%

ERAS stock opened at $1.78 on Tuesday. The company has a market cap of $504.93 million, a price-to-earnings ratio of -3.96 and a beta of 1.08. The business has a fifty day simple moving average of $1.57 and a 200-day simple moving average of $1.44. Erasca has a 52 week low of $1.01 and a 52 week high of $3.31.

Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.12) EPS for the quarter, hitting analysts' consensus estimates of ($0.12). As a group, analysts expect that Erasca will post -0.73 earnings per share for the current fiscal year.

Institutional Trading of Erasca

Several large investors have recently added to or reduced their stakes in ERAS. Frazier Life Sciences Management L.P. increased its holdings in Erasca by 16.4% in the 1st quarter. Frazier Life Sciences Management L.P. now owns 22,575,851 shares of the company's stock valued at $30,929,000 after purchasing an additional 3,184,164 shares in the last quarter. VR Adviser LLC boosted its position in Erasca by 10.1% in the 2nd quarter. VR Adviser LLC now owns 17,857,083 shares of the company's stock valued at $22,678,000 after buying an additional 1,640,867 shares during the last quarter. Affinity Asset Advisors LLC boosted its position in Erasca by 33.7% in the 1st quarter. Affinity Asset Advisors LLC now owns 3,341,519 shares of the company's stock valued at $4,578,000 after buying an additional 842,088 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in Erasca by 3.5% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 17,292,164 shares of the company's stock valued at $23,691,000 after buying an additional 581,817 shares during the last quarter. Finally, Nuveen LLC purchased a new position in Erasca in the 1st quarter valued at about $663,000. 67.78% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.