Erasca (NASDAQ:ERAS) Research Coverage Started at Jefferies Financial Group

Jefferies Financial Group initiated coverage on shares of Erasca (NASDAQ:ERAS) in a report released on Monday morning, MarketBeat.com reports. The firm issued a buy rating and a $6.00 price objective on the stock.

Several other analysts have also recently commented on the stock. 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. The Goldman Sachs Group lifted their price target on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Friday, October 25th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Erasca currently has a consensus rating of “Moderate Buy” and an average price target of $6.08.

Erasca Trading Down 5.4 %

Shares of Erasca stock opened at $2.64 on Monday. The company has a fifty day simple moving average of $2.76 and a 200-day simple moving average of $2.63. The stock has a market cap of $746.40 million, a price-to-earnings ratio of -3.18 and a beta of 1.16. Erasca has a 12-month low of $1.51 and a 12-month high of $3.45.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.06. On average, analysts forecast that Erasca will post -0.82 earnings per share for the current fiscal year.

Institutional Trading of Erasca

Several hedge funds have recently added to or reduced their stakes in ERAS. Federated Hermes Inc. acquired a new position in shares of Erasca during the 2nd quarter valued at $31,000. Sei Investments Co. acquired a new stake in Erasca during the second quarter valued at approximately $39,000. Creative Planning boosted its holdings in Erasca by 23.0% during the third quarter. Creative Planning now owns 20,014 shares of the company’s stock worth $55,000 after buying an additional 3,737 shares in the last quarter. Victory Capital Management Inc. grew its position in Erasca by 82.2% in the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock worth $51,000 after buying an additional 9,689 shares during the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC increased its holdings in shares of Erasca by 41.2% in the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock valued at $81,000 after buying an additional 10,000 shares in the last quarter. 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.