Erasca, Inc. (NASDAQ:ERAS) Stock Has Average Price Target of $22.09

Shares of Erasca, Inc. (NASDAQ:ERAS) have been given an average recommendation of “Moderate Buy” by the eleven analysts that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $22.09.

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

Erasca Stock Performance

Shares of NASDAQ ERAS opened at $14.12 on Friday. Erasca has a 52-week low of $2.11 and a 52-week high of $24.28. The business has a fifty day moving average of $16.62 and a two-hundred day moving average of $15.90. The stock has a market cap of $4.94 billion, a PE ratio of -14.86 and a beta of 0.61.

Erasca (NASDAQ:ERAS) last posted its earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.03). Analysts predict that Erasca will post -0.49 earnings per share for the current year.

Institutional Investors Weigh In On Erasca

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Frazier Life Sciences Management L.P. boosted its stake 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 Erasca during the 2nd quarter worth $387,544,000. Vivo Capital LLC grew its position in shares of Erasca by 31.0% in the 1st 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 period. Siren L.L.C. grew its position in shares of Erasca by 28.4% in the 1st 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 period. Finally, ARCH Venture Management LLC bought a new stake in Erasca during the 2nd quarter worth approximately $129,917,324. Institutional investors own 67.78% of the company’s stock.

About Erasca

Erasca, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for cancers driven by abnormal signaling in the RAS/MAPK pathway. The company’s research and development activities target tumors with RAS mutations or other alterations that can promote cancer growth and resistance to treatment.

Erasca’s pipeline has included naporafenib, an investigational pan-RAF inhibitor designed to block signaling downstream of RAF proteins, as well as other targeted therapies aimed at genetically defined cancer populations.