Erasca’s (ERAS) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Erasca (NASDAQ:ERAS) in a research note released on Friday,Benzinga reports. The firm currently has a $6.00 price target on the stock. HC Wainwright also issued estimates for Erasca’s FY2029 earnings at ($0.06) EPS.

ERAS has been the topic of several other research reports. Bank of America raised Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a research report on Tuesday, January 7th. Morgan Stanley reaffirmed an “overweight” rating and issued a $4.00 price objective on shares of Erasca in a research report on Friday, March 7th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $4.80.

Erasca Stock Performance

NASDAQ:ERAS opened at $1.53 on Friday. The stock’s fifty day moving average is $1.63 and its 200 day moving average is $2.36. Erasca has a fifty-two week low of $1.23 and a fifty-two week high of $3.45. The firm has a market capitalization of $432.57 million, a PE ratio of -1.84 and a beta of 1.22.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Wednesday, March 26th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.01. During the same period in the previous year, the business posted ($0.20) EPS. Equities analysts forecast that Erasca will post -0.73 EPS for the current year.

Hedge Funds Weigh In On Erasca

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Frazier Life Sciences Management L.P. grew its position in shares of Erasca by 19.6% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock worth $52,939,000 after buying an additional 3,175,471 shares in the last quarter. Paradigm Biocapital Advisors LP grew its position in shares of Erasca by 0.8% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 10,752,354 shares of the company’s stock worth $26,988,000 after buying an additional 84,213 shares in the last quarter. Silverarc Capital Management LLC grew its position in shares of Erasca by 8.6% during the 4th quarter. Silverarc Capital Management LLC now owns 7,543,901 shares of the company’s stock worth $18,935,000 after buying an additional 597,413 shares in the last quarter. State Street Corp grew its position in shares of Erasca by 145.2% during the 3rd quarter. State Street Corp now owns 6,027,620 shares of the company’s stock worth $16,455,000 after buying an additional 3,569,440 shares in the last quarter. Finally, Octagon Capital Advisors LP bought a new position in shares of Erasca during the 4th quarter worth $12,893,000. Institutional investors 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.