Wall Street Zen Downgrades Erasca (NASDAQ:ERAS) to Sell

Key Points

• Wall Street Zen downgraded Erasca (NASDAQ:ERAS) from a "hold" to a "sell" rating, indicating a negative outlook for the stock.
• Analysts have varied opinions on Erasca, with price targets ranging from $2.00 by Morgan Stanley to $6.00 by HC Wainwright, reflecting uncertainty in the company's future performance.
• Erasca's stock has seen a 6.7% increase recently, with current trading at $1.60 and a market cap of approximately $453.87 million.

Erasca (NASDAQ:ERAS - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Friday.

A number of other analysts have also recently commented on ERAS. Morgan Stanley reiterated an "equal weight" rating and set a $2.00 price objective (down previously from $4.00) on shares of Erasca in a research report on Monday, August 18th. HC Wainwright reiterated a "buy" rating and set a $6.00 price objective on shares of Erasca in a research report on Wednesday, April 30th. Finally, Guggenheim set a $3.00 price objective on Erasca and gave the stock a "buy" rating in a research report on Wednesday, May 14th. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $4.29.

Erasca Stock Up 6.7%

Shares of ERAS stock opened at $1.60 on Friday. The stock has a market cap of $453.87 million, a P/E ratio of -3.56 and a beta of 1.07. The business has a fifty day simple moving average of $1.48 and a 200-day simple moving average of $1.42. Erasca has a fifty-two week low of $1.01 and a fifty-two week high of $3.3050.

Erasca (NASDAQ:ERAS - Get Free Report) last posted 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, sell-side analysts anticipate that Erasca will post -0.73 earnings per share for the current year.

Institutional Investors Weigh In On Erasca

A number of large investors have recently added to or reduced their stakes in the stock. Invesco Ltd. boosted its holdings in shares of Erasca by 30.2% in the 4th quarter. Invesco Ltd. now owns 48,671 shares of the company's stock valued at $122,000 after purchasing an additional 11,290 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Erasca by 52.8% in the 4th quarter. Legal & General Group Plc now owns 186,825 shares of the company's stock valued at $469,000 after purchasing an additional 64,574 shares in the last quarter. Barclays PLC boosted its holdings in shares of Erasca by 9.8% in the 4th quarter. Barclays PLC now owns 377,764 shares of the company's stock valued at $948,000 after purchasing an additional 33,834 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Erasca in the 4th quarter valued at $139,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Erasca by 74.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,111,986 shares of the company's stock valued at $5,301,000 after purchasing an additional 903,687 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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