Erasca (NASDAQ:ERAS) Earns Buy Rating from HC Wainwright

Erasca (NASDAQ:ERAS)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a report released on Wednesday,Benzinga reports. They presently have a $6.00 price objective on the stock. HC Wainwright’s price objective would indicate a potential upside of 302.68% from the stock’s current price.

A number of other brokerages have also issued reports on ERAS. Bank of America upgraded shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a research report on Tuesday, January 7th. The Goldman Sachs Group decreased their price objective on Erasca from $3.50 to $3.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. Raymond James started coverage on shares of Erasca in a research note on Wednesday, March 26th. They set an “outperform” rating and a $5.00 price target for the company. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $4.00 price objective on shares of Erasca in a research note on Friday, March 7th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $4.83.

Erasca Price Performance

ERAS stock opened at $1.49 on Wednesday. The stock has a market capitalization of $422.07 million, a price-to-earnings ratio of -1.80 and a beta of 1.14. The business has a fifty day moving average price of $1.35 and a 200 day moving average price of $2.06. Erasca has a fifty-two week low of $1.01 and a fifty-two week high of $3.45.

Erasca (NASDAQ:ERAS) last announced its earnings results on Thursday, March 20th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01. During the same period last year, the business earned ($0.20) earnings per share. On average, equities analysts expect that Erasca will post -0.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. AXQ Capital LP acquired a new stake in Erasca in the fourth quarter worth $27,000. Mackenzie Financial Corp acquired a new stake in Erasca during the 4th quarter worth $28,000. Neuberger Berman Group LLC acquired a new stake in Erasca during the 4th quarter worth $33,000. Wealth Enhancement Advisory Services LLC bought a new position in Erasca during the first quarter worth about $39,000. Finally, Brevan Howard Capital Management LP acquired a new position in Erasca in the fourth quarter valued at about $41,000. Institutional investors own 67.78% of the company’s stock.

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.