Erasca, Inc. (NASDAQ:ERAS) Stock Now Rated “Moderate Buy” by Wall Street Brokerages

Erasca, Inc. (NASDAQ:ERAS) has been given a consensus rating of “Moderate Buy” by the eleven research firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and eight have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $22.09.

A number of research analysts have recently commented on ERAS shares. HC Wainwright increased their price objective on Erasca from $18.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Morgan Stanley boosted their target price on Erasca from $12.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, July 20th. Bank of America upped their target price on Erasca from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, August 14th. HSBC set a $20.00 price target on Erasca in a report on Tuesday, July 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Erasca in a research report on Tuesday, September 8th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Frazier Life Sciences Management L.P. lifted its position in Erasca by 1.2% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 24,975,188 shares of the company’s stock worth $457,545,000 after acquiring an additional 300,000 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Erasca in the second quarter valued at about $387,544,000. Vivo Capital LLC grew its position in shares of Erasca by 31.0% in the first quarter. Vivo Capital LLC now owns 12,151,480 shares of the company’s stock valued at $196,611,000 after purchasing an additional 2,878,052 shares during the last quarter. Siren L.L.C. grew its position in shares of Erasca by 28.4% in the first quarter. Siren L.L.C. now owns 11,244,246 shares of the company’s stock valued at $181,932,000 after purchasing an additional 2,486,997 shares during the last quarter. Finally, ARCH Venture Management LLC bought a new position in shares of Erasca in the second quarter worth about $129,917,324. Institutional investors and hedge funds own 67.78% of the company’s stock.

Erasca Price Performance

NASDAQ ERAS opened at $15.22 on Wednesday. Erasca has a fifty-two week low of $2.11 and a fifty-two week high of $24.28. The stock’s 50-day moving average is $15.66 and its two-hundred day moving average is $14.85. The firm has a market cap of $5.32 billion, a P/E ratio of -16.02 and a beta of 0.61.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.03). On average, equities analysts expect that Erasca will post -0.49 EPS for the current year.

Erasca Company Profile

Erasca, Inc (NASDAQ: ERAS) is a clinical-stage biopharmaceutical company focused on developing precision medicines for patients with RAS/MAPK pathway-driven cancers. The company’s research and development programs are designed to target molecular alterations that contribute to tumor growth and treatment resistance, including mutations involving the RAS family of proteins and related signaling pathways.

Erasca’s pipeline has included small-molecule oncology candidates such as naporafenib, a pan-RAF inhibitor being studied in cancers with aberrant RAS/MAPK signaling, as well as additional investigational therapies intended to address difficult-to-treat oncogenic drivers.