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

Erasca, Inc. (NASDAQ:ERAS) has received a consensus recommendation of “Buy” from the seven ratings firms that are covering the stock, MarketBeat.com reports. Seven analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $4.57.

ERAS has been the topic of several recent research reports. The Goldman Sachs Group lowered their target price on shares of Erasca from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Morgan Stanley reaffirmed an “overweight” rating and set a $4.00 target price on shares of Erasca in a research note on Friday, March 7th. Raymond James Financial assumed coverage on Erasca in a report on Wednesday, March 26th. They set an “outperform” rating and a $5.00 price target on the stock. HC Wainwright reiterated a “buy” rating and set a $6.00 price target on shares of Erasca in a report on Wednesday, April 30th. Finally, Guggenheim set a $3.00 price target on Erasca and gave the stock a “buy” rating in a report on Wednesday, May 14th.

Erasca Stock Down 2.1%

Shares of ERAS opened at $1.37 on Friday. Erasca has a 52-week low of $1.01 and a 52-week high of $3.45. The firm’s fifty day moving average is $1.36 and its two-hundred day moving average is $1.69. The stock has a market cap of $388.11 million, a PE ratio of -2.21 and a beta of 1.09.

Erasca (NASDAQ:ERAS) last announced its earnings results on Tuesday, May 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.01. As a group, research analysts anticipate that Erasca will post -0.73 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ERAS. AXQ Capital LP purchased a new position in shares of Erasca during the 4th quarter worth $27,000. Mackenzie Financial Corp purchased a new stake in Erasca in the 4th quarter valued at about $28,000. Neuberger Berman Group LLC purchased a new stake in Erasca in the 4th quarter valued at about $33,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Erasca in the 1st quarter valued at about $39,000. Finally, Brevan Howard Capital Management LP purchased a new stake in Erasca in the 4th quarter valued at about $41,000. Hedge funds and other institutional investors 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.