Erasca (NASDAQ:ERAS) Stock Rating Lowered by Wall Street Zen

Erasca (NASDAQ:ERAS) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

ERAS has been the subject of several other research reports. Morgan Stanley restated an “equal weight” rating and issued a $2.00 target price (down previously from $4.00) on shares of Erasca in a report on Monday, August 18th. Bank of America reaffirmed an “underperform” rating and set a $1.00 price target (down previously from $4.00) on shares of Erasca in a report on Wednesday, September 3rd. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $3.71.

Erasca Stock Down 3.1%

Shares of ERAS opened at $1.56 on Friday. The stock has a market capitalization of $442.53 million, a P/E ratio of -3.47 and a beta of 1.08. The firm has a fifty day simple moving average of $1.54 and a two-hundred day simple moving average of $1.42. Erasca has a twelve month low of $1.01 and a twelve month high of $3.31.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.12) earnings per share for the quarter, meeting the consensus estimate of ($0.12). Sell-side analysts expect that Erasca will post -0.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Erasca

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Erasca during the 1st quarter valued at $39,000. California State Teachers Retirement System raised its position in shares of Erasca by 7.1% during the 4th quarter. California State Teachers Retirement System now owns 171,821 shares of the company’s stock valued at $431,000 after buying an additional 11,385 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Erasca by 165.6% during the fourth quarter. Ameriprise Financial Inc. now owns 55,585 shares of the company’s stock valued at $140,000 after acquiring an additional 34,657 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of Erasca by 29.7% during the 4th quarter. ProShare Advisors LLC now owns 65,155 shares of the company’s stock valued at $164,000 after purchasing an additional 14,921 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Erasca by 20.1% in the first quarter. Deutsche Bank AG now owns 163,052 shares of the company’s stock worth $223,000 after buying an additional 27,282 shares during the last quarter. 67.78% of the stock is owned by institutional investors.

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.