Erasca, Inc. (NASDAQ:ERAS) Receives $20.64 Average Price Target from Brokerages

Erasca, Inc. (NASDAQ:ERAS) has received a consensus recommendation of “Moderate Buy” from the eleven analysts that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $21.6364.

A number of brokerages have recently issued reports on ERAS. Stifel Nicolaus lifted their price target on Erasca from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, April 27th. HC Wainwright reaffirmed a “buy” rating on shares of Erasca in a research report on Tuesday, July 14th. Bank of America lifted their target price on Erasca from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Jefferies Financial Group reiterated a “buy” rating on shares of Erasca in a report on Tuesday, July 14th. Finally, Wall Street Zen lowered shares of Erasca from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th.

Erasca Stock Performance

Shares of NASDAQ:ERAS opened at $19.11 on Monday. The firm’s 50 day simple moving average is $15.44 and its 200-day simple moving average is $13.92. Erasca has a one year low of $1.33 and a one year high of $24.28. The firm has a market cap of $5.94 billion, a PE ratio of -20.55 and a beta of 0.66.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.48). Equities research analysts predict that Erasca will post -0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Erasca

Several institutional investors and hedge funds have recently bought and sold shares of ERAS. AQR Capital Management LLC increased its position in Erasca by 594.8% during the 1st quarter. AQR Capital Management LLC now owns 396,202 shares of the company’s stock valued at $543,000 after buying an additional 339,177 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Erasca by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 4,835,642 shares of the company’s stock valued at $6,143,000 after acquiring an additional 77,790 shares during the last quarter. Creative Planning increased its stake in shares of Erasca by 423.3% in the second quarter. Creative Planning now owns 244,332 shares of the company’s stock worth $310,000 after acquiring an additional 197,637 shares during the period. New York State Common Retirement Fund raised its holdings in shares of Erasca by 39.1% during the second quarter. New York State Common Retirement Fund now owns 37,360 shares of the company’s stock worth $47,000 after purchasing an additional 10,501 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Erasca by 51.6% during the second quarter. Invesco Ltd. now owns 172,226 shares of the company’s stock worth $219,000 after purchasing an additional 58,643 shares during the last quarter. 67.78% of the stock is owned by hedge funds and other institutional investors.

Erasca News Roundup

Here are the key news stories impacting Erasca this week:

• Neutral Sentiment: Several firms, including Rosen, Kaplan Fox, Faruqi & Faruqi, and others, reiterated the upcoming lead-plaintiff deadline in the Erasca class-action case, keeping investor attention focused on the lawsuit and potential damages. Article
• Neutral Sentiment: Bronstein, Gewirtz & Grossman, Pomerantz, Glancy Prongay, Schall, and other firms also publicized the pending securities-fraud action, underscoring that the litigation remains active and could weigh on sentiment. Article
• Negative Sentiment: The lawsuit alleges Erasca and certain executives misled investors about the competitive position, safety profile, and intellectual-property protection of its lead oncology candidate, ERAS-0015, which could increase legal risk and pressure the stock. Article

About Erasca

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.