HC Wainwright Reiterates “Buy” Rating for Erasca (NASDAQ:ERAS)

Erasca (NASDAQ:ERAS)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a research note issued to investors on Thursday, Benzinga reports. They currently have a $8.00 price objective on the stock. HC Wainwright’s target price points to a potential upside of 288.35% from the stock’s previous close.

ERAS has been the subject of a number of other reports. Mizuho cut their target price on Erasca from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, November 29th. Capital One Financial reaffirmed an “overweight” rating and issued a $8.00 price target on shares of Erasca in a report on Monday, March 11th. Finally, Bank of America cut Erasca from a “buy” rating to a “neutral” rating and dropped their price target for the company from $11.00 to $6.00 in a report on Friday, January 5th.

Erasca Price Performance

ERAS opened at $2.06 on Thursday. The company has a market capitalization of $311.25 million, a price-to-earnings ratio of -1.22 and a beta of 1.13. Erasca has a 1-year low of $1.51 and a 1-year high of $3.38. The business has a 50 day moving average price of $1.99 and a two-hundred day moving average price of $2.09.

Institutional Trading of Erasca

A number of hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. lifted its holdings in shares of Erasca by 95.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,297,042 shares of the company’s stock valued at $2,763,000 after purchasing an additional 633,192 shares in the last quarter. Sierra Summit Advisors LLC purchased a new stake in shares of Erasca in the fourth quarter valued at $225,000. GSA Capital Partners LLP raised its holdings in shares of Erasca by 65.3% during the fourth quarter. GSA Capital Partners LLP now owns 667,849 shares of the company’s stock worth $1,423,000 after acquiring an additional 263,767 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Erasca during the fourth quarter worth $57,000. Finally, Barclays PLC raised its holdings in shares of Erasca by 211.4% during the fourth quarter. Barclays PLC now owns 133,688 shares of the company’s stock worth $284,000 after acquiring an additional 90,760 shares in the last quarter. Hedge funds and other institutional investors own 67.78% of the company’s stock.

About Erasca

Erasca, Inc, a clinical-stage biopharmaceutical company, focuses on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company's lead candidates include ERAS-007, an oral inhibitor of ERK1/2 for the treatment of non-small cell lung cancer, colorectal cancer, and acute myeloid leukemia; and ERAS-601, an oral SHP2 inhibitor for patients with advanced or metastatic solid tumors.