Erasca (NASDAQ:ERAS) Receives Equal Weight Rating from 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 reissued by research analysts at Morgan Stanley in a note issued to investors on Monday,Benzinga reports. They presently have a $2.00 price objective on the stock, down from their prior price objective of $4.00. Morgan Stanley's price target would indicate a potential upside of 21.95% from the stock's previous close.

A number of other research firms have also recently commented on ERAS. HC Wainwright reissued a "buy" rating and issued a $6.00 target price on shares of Erasca in a report on Wednesday, April 30th. Guggenheim set a $3.00 target price on shares of Erasca and gave the stock a "buy" rating in a report on Wednesday, May 14th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Erasca presently has a consensus rating of "Moderate Buy" and an average price target of $4.29.

Erasca Stock Up 4.5%

ERAS opened at $1.64 on Monday. The stock has a market capitalization of $465.22 million, a price-to-earnings ratio of -3.64 and a beta of 1.07. Erasca has a twelve month low of $1.01 and a twelve month high of $3.31. The company has a 50-day simple moving average of $1.48 and a 200 day simple moving average of $1.43.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ERAS. Frazier Life Sciences Management L.P. increased its position in Erasca by 0.7% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 22,729,436 shares of the company's stock valued at $28,866,000 after purchasing an additional 153,585 shares during the period. VR Adviser LLC lifted its holdings in shares of Erasca by 10.1% in the 2nd quarter. VR Adviser LLC now owns 17,857,083 shares of the company's stock worth $22,678,000 after purchasing an additional 1,640,867 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Erasca by 3.5% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 17,292,164 shares of the company's stock worth $23,691,000 after purchasing an additional 581,817 shares in the last quarter. Paradigm Biocapital Advisors LP lifted its holdings in shares of Erasca by 0.5% in the 1st quarter. Paradigm Biocapital Advisors LP now owns 10,802,354 shares of the company's stock worth $14,799,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Silverarc Capital Management LLC lifted its holdings in shares of Erasca by 8.6% in the 4th quarter. Silverarc Capital Management LLC now owns 7,543,901 shares of the company's stock worth $18,935,000 after purchasing an additional 597,413 shares in the last quarter. Institutional investors and hedge funds own 67.78% of the company's stock.

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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