Erasca (NASDAQ:ERAS) Given New $22.00 Price Target at HC Wainwright

Key Points

• HC Wainwright raised Erasca’s price target to $22 from $18 and maintained a “buy” rating, implying roughly 20% upside from the reported $18.31 share price.
• Analyst sentiment is broadly positive, with eight buy ratings, two holds and one sell; Erasca has a consensus “Moderate Buy” rating and average price target of $21.82.
• Erasca reported quarterly EPS of negative $0.14, missing the consensus estimate of negative $0.11, while institutional investors own approximately 67.78% of the company’s stock.

Erasca (NASDAQ:ERAS - Get Free Report) had its price target hoisted by investment analysts at HC Wainwright from $18.00 to $22.00 in a research report issued on Wednesday, MarketBeat reports. The firm presently has a "buy" rating on the stock. HC Wainwright's price objective would indicate a potential upside of 20.15% from the company's current price.

A number of other research analysts have also recently issued reports on the stock. HSBC set a $20.00 target price on shares of Erasca in a research note on Tuesday, July 14th. Morgan Stanley lifted their price objective on Erasca from $12.00 to $21.00 and gave the company an "equal weight" rating in a research report on Monday, July 20th. Weiss Ratings reissued a "sell (d-)" rating on shares of Erasca in a research note on Thursday, June 11th. Jefferies Financial Group restated a "buy" rating on shares of Erasca in a report on Tuesday, July 14th. Finally, Stifel Nicolaus raised their target price on Erasca from $20.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, April 27th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $21.82.

Erasca Stock Up 1.0%

Shares of Erasca stock opened at $18.31 on Wednesday. The stock has a market capitalization of $5.69 billion, a P/E ratio of -19.69 and a beta of 0.66. The company has a 50-day simple moving average of $16.98 and a 200 day simple moving average of $14.89. Erasca has a 12-month low of $1.33 and a 12-month high of $24.28.

Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.03). On average, equities analysts anticipate that Erasca will post -0.54 earnings per share for the current year.

Institutional Investors Weigh In On Erasca

A number of institutional investors and hedge funds have recently made changes to their positions in ERAS. Allworth Financial LP acquired a new position in shares of Erasca during the second quarter valued at $34,000. E Fund Management Co. Ltd. acquired a new stake in Erasca in the second quarter worth about $4,862,000. BlackRock Inc. bought a new stake in Erasca during the 2nd quarter worth about $387,544,000. Pallas Capital Advisors LLC bought a new stake in Erasca during the 2nd quarter worth about $222,000. Finally, Deutsche Bank AG acquired a new position in Erasca during the 2nd quarter valued at about $4,073,000. Institutional investors own 67.78% of the company's stock.

Erasca Company Profile

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca's approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca's pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source