Erasca (NASDAQ:ERAS) Stock Rating Lowered by Wall Street Zen

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.

Wall Street Zen lowered shares of Erasca (NASDAQ:ERAS - Free Report) from a hold rating to a sell rating in a report issued on Friday morning.

Other research analysts also recently issued reports about the company. Morgan Stanley restated an "equal weight" rating and set a $2.00 price objective (down from $4.00) on shares of Erasca in a report on Monday, August 18th. Guggenheim set a $3.00 price objective on Erasca and gave the stock a "buy" rating in a report on Wednesday, May 14th. Finally, HC Wainwright restated a "buy" rating and set a $6.00 price objective on shares of Erasca in a report on Wednesday, April 30th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $4.29.

Erasca Stock Performance

ERAS traded down $0.01 during trading on Friday, hitting $1.57. 338,834 shares of the stock were exchanged, compared to its average volume of 724,117. The firm has a 50 day simple moving average of $1.49 and a 200 day simple moving average of $1.42. The firm has a market cap of $445.36 million, a price-to-earnings ratio of -3.49 and a beta of 1.07. Erasca has a 1 year low of $1.01 and a 1 year high of $3.31.

Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.12) EPS for the quarter, hitting the consensus estimate of ($0.12). As a group, equities analysts anticipate that Erasca will post -0.73 earnings per share for the current fiscal year.

Institutional Trading of Erasca

A number of institutional investors have recently made changes to their positions in ERAS. Octagon Capital Advisors LP acquired a new stake in shares of Erasca in the 4th quarter worth $12,893,000. Frazier Life Sciences Management L.P. boosted its position in shares of Erasca by 16.4% in the 1st quarter. Frazier Life Sciences Management L.P. now owns 22,575,851 shares of the company's stock worth $30,929,000 after purchasing an additional 3,184,164 shares in the last quarter. Millennium Management LLC boosted its position in shares of Erasca by 73.3% in the 4th quarter. Millennium Management LLC now owns 4,177,900 shares of the company's stock worth $10,487,000 after purchasing an additional 1,767,350 shares in the last quarter. VR Adviser LLC boosted its position 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. Finally, Dimensional Fund Advisors LP boosted its position 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 worth $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.

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.