Erasca (NASDAQ:ERAS) Issues Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Erasca (NASDAQ:ERAS) announced its quarterly earnings results on Thursday. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02), FiscalAI reports.

Erasca Trading Down 6.1%

NASDAQ ERAS traded down $1.02 on Thursday, hitting $15.78. 4,897,361 shares of the company were exchanged, compared to its average volume of 5,817,452. The firm has a 50 day moving average of $14.98 and a two-hundred day moving average of $15.20. The company has a market cap of $5.52 billion, a P/E ratio of -16.61 and a beta of 0.68. Erasca has a 1-year low of $2.46 and a 1-year high of $24.28.

Analyst Ratings Changes

Several brokerages have weighed in on ERAS. Morgan Stanley upped their price objective on shares of Erasca from $12.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Monday, July 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a research note on Tuesday, September 8th. Bank of America lifted their target price 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. HC Wainwright boosted their target price on Erasca from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Finally, Guggenheim increased their price target on Erasca from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, August 13th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $22.09.

Erasca Company Profile

Erasca, Inc. is a clinical-stage biotechnology company focused on developing medicines for cancer. Its research centers on the RAS/MAPK signaling pathway, which is involved in the growth of many tumors and can be difficult to target with existing therapies. The company’s pipeline includes investigational drug candidates designed to inhibit RAS proteins and other targets in the pathway. Erasca evaluates these candidates for potential use across multiple cancer types; its medicines remain in development rather than being marketed as approved treatments.