Erasca (NASDAQ:ERAS) Given Sell (D-) Rating at Weiss Ratings

Key Points

• Erasca (NASDAQ:ERAS) has been given a sell (D-) rating by Weiss Ratings, reflecting a bearish outlook on the company's stock.
• Morgan Stanley and Bank of America have revised their price targets for Erasca, with Bank of America setting a target price of $1.00, down from $4.00.
• The stock is currently trading at $2.43 and has a consensus rating of "Hold" with an average price target of $3.71.

Erasca (NASDAQ:ERAS - Get Free Report)'s stock had its "sell (d-)" rating restated by analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Other research analysts have also recently issued research reports about the company. Morgan Stanley restated an "equal weight" rating and set a $2.00 price objective (down previously from $4.00) on shares of Erasca in a research note on Monday, August 18th. Wall Street Zen raised Erasca from a "sell" rating to a "hold" rating in a research report on Sunday, September 21st. Finally, Bank of America reaffirmed an "underperform" rating and set a $1.00 target price (down from $4.00) on shares of Erasca in a research report on Wednesday, September 3rd. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Erasca has a consensus rating of "Hold" and an average price target of $3.71.

Erasca Price Performance

Shares of ERAS opened at $2.43 on Wednesday. The stock's 50-day moving average is $1.71 and its two-hundred day moving average is $1.49. The stock has a market cap of $689.32 million, a PE ratio of -5.40 and a beta of 1.18. Erasca has a 12 month low of $1.01 and a 12 month high of $3.31.

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

Institutional Trading of Erasca

Several hedge funds and other institutional investors have recently bought and sold shares of ERAS. Frazier Life Sciences Management L.P. increased its holdings in Erasca by 16.4% in the first quarter. Frazier Life Sciences Management L.P. now owns 22,575,851 shares of the company's stock valued at $30,929,000 after buying an additional 3,184,164 shares during the last quarter. VR Adviser LLC increased its holdings in Erasca by 10.1% in the second 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 increased its holdings in Erasca by 33.7% in the first 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. increased its holdings in Erasca by 3.5% in the first 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 bought a new stake in Erasca in the first quarter valued at about $663,000. 67.78% of the stock is 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.

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