Erasca (NASDAQ:ERAS) Upgraded at Wall Street Zen

Erasca (NASDAQ:ERAS) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Sunday.

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

Erasca Trading Down 3.3%

Shares of NASDAQ ERAS opened at $1.78 on Friday. Erasca has a twelve month low of $1.01 and a twelve month high of $3.31. The company has a market capitalization of $504.93 million, a price-to-earnings ratio of -3.96 and a beta of 1.08. The business has a 50 day simple moving average of $1.57 and a 200-day simple moving average of $1.44.

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 analysts’ consensus estimates of ($0.12). As a group, equities analysts predict that Erasca will post -0.73 earnings per share for the current year.

Institutional Investors Weigh In On Erasca

Hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Erasca during the first quarter valued at $39,000. California State Teachers Retirement System lifted its holdings in shares of Erasca by 7.1% during the fourth quarter. California State Teachers Retirement System now owns 171,821 shares of the company’s stock valued at $431,000 after purchasing an additional 11,385 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings 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 purchasing an additional 34,657 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of Erasca by 29.7% during the fourth 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 lifted its holdings in shares of Erasca by 20.1% during the first quarter. Deutsche Bank AG now owns 163,052 shares of the company’s stock valued at $223,000 after purchasing an additional 27,282 shares during the last quarter. 67.78% of the stock is owned by hedge funds and other 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.