Erasca (NASDAQ:ERAS) Stock Price Expected to Rise, Guggenheim Analyst Says

Erasca (NASDAQ:ERAS) had its target price lifted by equities research analysts at Guggenheim from $3.00 to $5.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price objective suggests a potential upside of 95.16% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Stifel Nicolaus set a $6.00 price objective on Erasca in a report on Thursday, November 6th. Wall Street Zen upgraded Erasca from a “sell” rating to a “hold” rating in a research report on Sunday, September 21st. Morgan Stanley restated an “equal weight” rating and issued a $2.00 price target (down previously from $4.00) on shares of Erasca in a research note on Monday, August 18th. Bank of America reissued an “underperform” rating and set a $1.00 target price (down previously from $4.00) on shares of Erasca in a research note on Wednesday, September 3rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research note on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Erasca currently has an average rating of “Hold” and a consensus price target of $4.25.

Erasca Stock Up 0.9%

Shares of ERAS stock traded up $0.02 during mid-day trading on Friday, reaching $2.56. The company’s stock had a trading volume of 142,722 shares, compared to its average volume of 1,434,373. The company’s 50 day simple moving average is $2.16 and its 200-day simple moving average is $1.70. Erasca has a 12-month low of $1.01 and a 12-month high of $3.30. The firm has a market capitalization of $726.76 million, a PE ratio of -5.77 and a beta of 1.19.

Erasca (NASDAQ:ERAS) last issued its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). As a group, research analysts anticipate that Erasca will post -0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Erasca

A number of institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets increased its position in Erasca by 58.0% during the second quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock worth $27,000 after acquiring an additional 7,923 shares during the period. EP Wealth Advisors LLC acquired a new stake in shares of Erasca during the second quarter worth approximately $29,000. Russell Investments Group Ltd. bought a new stake in shares of Erasca during the third quarter worth $31,000. SG Americas Securities LLC bought a new position in shares of Erasca in the third quarter worth about $32,000. Finally, Crowley Wealth Management Inc. acquired a new position in Erasca during the 3rd quarter worth $33,000. 67.78% of the stock is currently 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.