HC Wainwright Reiterates "Buy" Rating for Erasca (NASDAQ:ERAS)

Erasca (NASDAQ:ERAS - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at HC Wainwright in a report issued on Wednesday,Benzinga reports. They currently have a $6.00 price objective on the stock. HC Wainwright's target price would indicate a potential upside of 301.34% from the stock's previous close.

Several other equities research analysts have also weighed in on ERAS. The Goldman Sachs Group dropped their target price on Erasca from $3.50 to $3.00 and set a "buy" rating on the stock in a research report on Friday, March 21st. Raymond James began coverage on shares of Erasca in a report on Wednesday, March 26th. They issued an "outperform" rating and a $5.00 price objective on the stock. Bank of America upgraded shares of Erasca from a "neutral" rating to a "buy" rating and set a $5.00 target price for the company in a research report on Tuesday, January 7th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $4.00 price target on shares of Erasca in a report on Friday, March 7th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Erasca has an average rating of "Buy" and an average price target of $4.83.

Erasca Stock Down 5.4 %

ERAS stock traded down $0.09 during trading on Wednesday, hitting $1.50. 285,756 shares of the company's stock traded hands, compared to its average volume of 1,872,623. The stock has a fifty day moving average price of $1.35 and a two-hundred day moving average price of $2.04. Erasca has a 52 week low of $1.01 and a 52 week high of $3.45. The stock has a market capitalization of $423.48 million, a price-to-earnings ratio of -1.80 and a beta of 1.14.

Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings data on Thursday, March 20th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.01. During the same quarter last year, the business posted ($0.20) EPS. As a group, equities research analysts expect that Erasca will post -0.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Erasca

Large investors have recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in Erasca by 36.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company's stock worth $12,295,000 after acquiring an additional 1,190,807 shares in the last quarter. Barclays PLC increased its stake in Erasca by 627.5% in the 3rd quarter. Barclays PLC now owns 343,930 shares of the company's stock valued at $939,000 after buying an additional 296,657 shares during the period. Franklin Resources Inc. purchased a new stake in Erasca in the 3rd quarter worth approximately $181,000. SG Americas Securities LLC increased its stake in shares of Erasca by 19.4% in the fourth quarter. SG Americas Securities LLC now owns 77,545 shares of the company's stock worth $195,000 after acquiring an additional 12,599 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its holdings in shares of Erasca by 10.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 59,949 shares of the company's stock valued at $150,000 after acquiring an additional 5,614 shares during the last quarter. Institutional investors and hedge funds own 67.78% of the company's stock.

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.