Erasca, Inc. (NASDAQ:ERAS) Receives Consensus Rating of “Moderate Buy” from Analysts

Erasca, Inc. (NASDAQ:ERAS) has been given a consensus recommendation of “Moderate Buy” by the eleven brokerages that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $22.0909.

A number of equities analysts have weighed in on the company. Guggenheim upped their price target on Erasca from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. Bank of America lifted their price objective on shares of Erasca from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, August 14th. Morgan Stanley boosted their target price 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. Wolfe Research set a $16.00 target price on shares of Erasca in a research note on Thursday, June 4th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Erasca in a report on Tuesday, July 14th.

Erasca Price Performance

NASDAQ:ERAS opened at $16.16 on Tuesday. The business’s 50-day moving average is $18.06 and its two-hundred day moving average is $15.87. The firm has a market capitalization of $5.65 billion, a PE ratio of -17.01 and a beta of 0.64. Erasca has a 12 month low of $1.53 and a 12 month high of $24.28.

Erasca (NASDAQ:ERAS) last issued 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). Equities analysts anticipate that Erasca will post -0.49 EPS for the current year.

Institutional Trading of Erasca

Several large investors have recently modified their holdings of the business. Engineers Gate Manager LP acquired a new position in shares of Erasca in the second quarter worth about $1,601,000. Integrated Wealth Concepts LLC acquired a new stake in Erasca in the second quarter valued at $80,000. Squarepoint Ops LLC boosted its stake in Erasca by 42.8% during the 2nd quarter. Squarepoint Ops LLC now owns 135,233 shares of the company’s stock valued at $2,477,000 after acquiring an additional 40,548 shares during the last quarter. Nykredit A S bought a new position in Erasca during the 2nd quarter valued at $29,000. Finally, Corient Private Wealth LP acquired a new position in Erasca during the 2nd quarter worth $2,150,000. 67.78% of the stock is currently owned by institutional investors and hedge funds.

Erasca Company Profile

Erasca, Inc is a clinical-stage biotechnology company focused on developing treatments for cancers driven by abnormalities in the RAS/MAPK signaling pathway. The company’s research and development strategy is centered on precision oncology, with the goal of addressing cancers that have historically been difficult to treat because of mutations in RAS and related proteins.

Erasca’s lead investigational program is daraxonrasib, also known as RMC-6236, an oral RAS(ON) multi-selective inhibitor designed to target active RAS proteins.