Erasca, Inc. (NASDAQ:ERAS) Receives $4.57 Average Price Target from Analysts

Shares of Erasca, Inc. (NASDAQ:ERAS) have been assigned a consensus recommendation of “Buy” from the seven ratings firms that are covering the firm, Marketbeat reports. Seven analysts have rated the stock with a buy rating. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $4.57.

A number of analysts have recently weighed in on the stock. Morgan Stanley reaffirmed an “overweight” rating and issued a $4.00 price target on shares of Erasca in a research note on Friday, March 7th. Guggenheim set a $3.00 target price on shares of Erasca and gave the stock a “buy” rating in a report on Wednesday, May 14th. HC Wainwright reissued a “buy” rating and set a $6.00 target price on shares of Erasca in a research note on Wednesday, April 30th. Raymond James Financial started coverage on shares of Erasca in a research note on Wednesday, March 26th. They set an “outperform” rating and a $5.00 target price for the company. Finally, The Goldman Sachs Group cut their target price on shares of Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, March 21st.

Erasca Trading Up 2.2%

Shares of NASDAQ:ERAS opened at $1.40 on Friday. The company has a 50 day moving average of $1.36 and a 200-day moving average of $1.71. The firm has a market cap of $396.61 million, a P/E ratio of -2.26 and a beta of 1.09. Erasca has a twelve month low of $1.01 and a twelve month high of $3.45.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.01. Equities research analysts forecast that Erasca will post -0.73 EPS for the current year.

Institutional Investors Weigh In On Erasca

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