HC Wainwright Reaffirms Buy Rating for Erasca (NASDAQ:ERAS)

HC Wainwright restated their buy rating on shares of Erasca (NASDAQ:ERAS) in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has a $6.00 price target on the stock.

Separately, The Goldman Sachs Group lifted their target price on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.10.

Erasca Trading Down 5.0 %

Erasca stock opened at $2.67 on Wednesday. Erasca has a 1-year low of $1.51 and a 1-year high of $3.45. The firm has a 50-day moving average of $2.78 and a 200-day moving average of $2.62. The firm has a market cap of $754.88 million, a P/E ratio of -3.22 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.06. Research analysts forecast that Erasca will post -0.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Erasca

A number of hedge funds have recently added to or reduced their stakes in the company. Creative Planning raised its holdings in Erasca by 23.0% in the 3rd quarter. Creative Planning now owns 20,014 shares of the company’s stock worth $55,000 after acquiring an additional 3,737 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Erasca by 82.2% in the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock worth $51,000 after acquiring an additional 9,689 shares during the last quarter. Edmonds Duncan Registered Investment Advisors LLC raised its holdings in Erasca by 41.2% in the 2nd quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock worth $81,000 after acquiring an additional 10,000 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Erasca by 27.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock worth $113,000 after acquiring an additional 10,164 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new position in Erasca in the 2nd quarter worth approximately $31,000. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

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.