Erasca (NASDAQ:ERAS) Stock Rating Lowered by Wall Street Zen

Key Points

• Erasca (NASDAQ:ERAS) has been downgraded from a "hold" to a "sell" rating by Wall Street Zen, indicating a negative outlook for the stock.
• The stock has a recent price target adjustment, with Bank of America setting a target of $1.00, down from $4.00.
• Erasca's market cap stands at approximately $442.53 million, with a recent stock price of $1.56, reflecting a 3.1% decline.

Wall Street Zen cut shares of Erasca (NASDAQ:ERAS - Free Report) from a hold rating to a sell rating in a research note released on Saturday.

Several other equities analysts have also recently commented on ERAS. Bank of America reiterated an "underperform" rating and set a $1.00 target price (down from $4.00) on shares of Erasca in a research note on Wednesday, September 3rd. Morgan Stanley reiterated an "equal weight" rating and set a $2.00 target price (down from $4.00) on shares of Erasca in a research note on Monday, August 18th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Erasca has an average rating of "Moderate Buy" and a consensus target price of $3.71.

Erasca Price Performance

NASDAQ ERAS traded up $0.20 on Friday, reaching $1.87. The company had a trading volume of 910,295 shares, compared to its average volume of 1,000,396. The firm has a market capitalization of $530.46 million, a PE ratio of -4.16 and a beta of 1.08. Erasca has a 1 year low of $1.01 and a 1 year high of $3.31. The firm has a 50-day moving average of $1.55 and a 200-day moving average of $1.43.

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

Hedge Funds Weigh In On Erasca

Large investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC bought a new position in Erasca during the first quarter worth $39,000. California State Teachers Retirement System lifted its stake in Erasca by 7.1% during the fourth quarter. California State Teachers Retirement System now owns 171,821 shares of the company's stock worth $431,000 after purchasing an additional 11,385 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in Erasca by 165.6% during the fourth quarter. Ameriprise Financial Inc. now owns 55,585 shares of the company's stock worth $140,000 after purchasing an additional 34,657 shares during the last quarter. ProShare Advisors LLC lifted its stake in Erasca by 29.7% during the fourth quarter. ProShare Advisors LLC now owns 65,155 shares of the company's stock worth $164,000 after purchasing an additional 14,921 shares during the last quarter. Finally, Deutsche Bank AG lifted its stake in Erasca by 20.1% during the first quarter. Deutsche Bank AG now owns 163,052 shares of the company's stock worth $223,000 after purchasing an additional 27,282 shares during the last quarter. 67.78% of the stock is currently owned by institutional investors.

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.