Erasca, Inc. (NASDAQ:ERAS) Receives $6.10 Consensus Target Price from Analysts

Shares of Erasca, Inc. (NASDAQ:ERAS) have earned an average rating of “Moderate Buy” from the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $6.08.

Several equities analysts have issued reports on ERAS shares. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price objective on shares of Erasca in a report on Wednesday, November 13th. Jefferies Financial Group assumed coverage on shares of Erasca in a report on Monday. They issued a “buy” rating and a $6.00 price objective for the company. Finally, The Goldman Sachs Group upped their price objective on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a report on Friday, October 25th.

Institutional Investors Weigh In On Erasca

Several institutional investors and hedge funds have recently added to or reduced their stakes in ERAS. Frazier Life Sciences Management L.P. grew its holdings in shares of Erasca by 19.6% during the third quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock worth $52,939,000 after purchasing an additional 3,175,471 shares during the last quarter. State Street Corp lifted its position in shares of Erasca by 145.2% during the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock worth $16,455,000 after purchasing an additional 3,569,440 shares in the last quarter. Logos Global Management LP acquired a new position in shares of Erasca during the second quarter worth approximately $13,924,000. PFM Health Sciences LP increased its holdings in shares of Erasca by 4.4% in the third quarter. PFM Health Sciences LP now owns 4,876,911 shares of the company’s stock valued at $13,314,000 after purchasing an additional 205,137 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Erasca by 36.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock worth $12,295,000 after purchasing an additional 1,190,807 shares during the last quarter. 67.78% of the stock is currently owned by institutional investors and hedge funds.

Erasca Stock Performance

NASDAQ ERAS opened at $2.64 on Monday. The stock has a market cap of $746.40 million, a P/E ratio of -3.18 and a beta of 1.16. Erasca has a fifty-two week low of $1.51 and a fifty-two week high of $3.45. The stock has a 50 day simple moving average of $2.76 and a two-hundred day simple moving average of $2.63.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.06. Sell-side analysts predict that Erasca will post -0.82 earnings per share for the current year.

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.