Erasca's (ERAS) Equal Weight Rating Reiterated at Morgan Stanley

Key Points

• Morgan Stanley has reissued an "equal weight" rating for Erasca (NASDAQ:ERAS) with a reduced price target of $2.00, down from $4.00, indicating a potential upside of approximately 21.95%
• Other research firms have rated Erasca with mixed views, with a consensus rating of "Moderate Buy" and an average price target of $4.29.
• Erasca's stock has experienced a 4.5% increase, with current trading priced at $1.64 and a market capitalization of approximately $465.22 million.

Erasca (NASDAQ:ERAS - Get Free Report)'s stock had its "equal weight" rating reiterated by research analysts at Morgan Stanley in a report issued on Monday, Marketbeat.com reports. They presently have a $2.00 price objective on the stock, down from their prior price objective of $4.00. Morgan Stanley's target price suggests a potential upside of 25.00% from the stock's current price.

Several other equities analysts have also issued reports on the company. Guggenheim set a $3.00 price target on Erasca and gave the stock a "buy" rating in a research report on Wednesday, May 14th. HC Wainwright restated a "buy" rating and set a $6.00 price target on shares of Erasca in a research report on Wednesday, April 30th. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $4.29.

Erasca Price Performance

NASDAQ ERAS traded up $0.10 during trading on Monday, reaching $1.60. The company's stock had a trading volume of 1,024,746 shares, compared to its average volume of 754,691. The stock has a market capitalization of $453.87 million, a PE ratio of -3.56 and a beta of 1.07. The firm has a fifty day moving average of $1.48 and a 200 day moving average of $1.42. Erasca has a one year low of $1.01 and a one year high of $3.3050.

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

Institutional Investors Weigh In On Erasca

Several institutional investors and hedge funds have recently bought and sold shares of the business. Captrust Financial Advisors lifted its holdings in Erasca by 13.6% in the 2nd quarter. Captrust Financial Advisors now owns 54,111 shares of the company's stock worth $69,000 after buying an additional 6,486 shares during the period. Frazier Life Sciences Management L.P. lifted its holdings in Erasca by 0.7% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 22,729,436 shares of the company's stock worth $28,866,000 after buying an additional 153,585 shares during the period. EP Wealth Advisors LLC purchased a new stake in Erasca in the 2nd quarter worth approximately $29,000. BNP Paribas Financial Markets lifted its holdings in Erasca by 58.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company's stock worth $27,000 after buying an additional 7,923 shares during the period. Finally, Brevan Howard Capital Management LP purchased a new stake in Erasca in the 2nd quarter worth approximately $156,000. Hedge funds and other institutional investors 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.