Erasca (NASDAQ:ERAS) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of Erasca (NASDAQ:ERAS) from a neutral rating to a buy rating in a report released on Tuesday morning,Benzinga reports. They currently have $5.00 target price on the stock.

Other research analysts have also issued reports about the company. Jefferies Financial Group began coverage on Erasca in a report on Monday, November 18th. They issued a “buy” rating and a $6.00 price objective on the stock. The Goldman Sachs Group upped their price target on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, HC Wainwright reiterated a “buy” rating and issued a $6.00 price objective on shares of Erasca in a research note on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Erasca presently has a consensus rating of “Buy” and an average price target of $5.70.

Erasca Stock Performance

Shares of ERAS stock opened at $2.75 on Tuesday. Erasca has a 52 week low of $1.64 and a 52 week high of $3.45. The company has a market capitalization of $777.51 million, a price-to-earnings ratio of -3.31 and a beta of 1.20. The company has a 50-day simple moving average of $2.78 and a 200 day simple moving average of $2.75.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.06. Sell-side analysts forecast that Erasca will post -0.73 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Creative Planning grew its position in Erasca by 23.0% in the third quarter. Creative Planning now owns 20,014 shares of the company’s stock valued at $55,000 after acquiring an additional 3,737 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Erasca by 82.2% in the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after buying an additional 9,689 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Erasca by 27.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock valued at $113,000 after acquiring an additional 10,164 shares in the last quarter. Federated Hermes Inc. purchased a new position in shares of Erasca in the 2nd quarter worth approximately $31,000. Finally, Sei Investments Co. bought a new position in shares of Erasca in the second quarter valued at approximately $39,000. Institutional investors 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.