Erasca (NASDAQ:ERAS) Coverage Initiated at Raymond James

Equities research analysts at Raymond James started coverage on shares of Erasca (NASDAQ:ERAS) in a research note issued on Wednesday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $5.00 price target on the stock. Raymond James’ price target indicates a potential upside of 222.58% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. Morgan Stanley reaffirmed an “overweight” rating and issued a $4.00 price objective on shares of Erasca in a report on Friday, March 7th. The Goldman Sachs Group lowered their price objective on shares of Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a research report on Friday, March 21st. HC Wainwright reissued a “buy” rating and issued a $6.00 target price on shares of Erasca in a report on Friday, March 21st. Finally, Bank of America raised Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a report on Tuesday, January 7th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $4.83.

Erasca Stock Performance

ERAS opened at $1.55 on Wednesday. The company has a market capitalization of $439.06 million, a P/E ratio of -1.87 and a beta of 1.22. The company has a 50-day moving average of $1.59 and a 200-day moving average of $2.33. Erasca has a 1-year low of $1.23 and a 1-year high of $3.45.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data on Thursday, March 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.01. During the same period last year, the firm posted ($0.20) EPS. As a group, sell-side analysts expect that Erasca will post -0.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. AXQ Capital LP bought a new stake in shares of Erasca during the fourth quarter valued at approximately $27,000. Mackenzie Financial Corp bought a new stake in Erasca during the 4th quarter valued at $28,000. Neuberger Berman Group LLC acquired a new position in Erasca during the 4th quarter worth $33,000. Brevan Howard Capital Management LP acquired a new position in Erasca during the 4th quarter worth $41,000. Finally, Cibc World Markets Corp acquired a new position in shares of Erasca during the fourth quarter valued at $43,000. 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.