Erasca (NASDAQ:ERAS) Given Buy Rating at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Erasca (NASDAQ:ERAS) in a report issued on Friday,Benzinga reports. HC Wainwright currently has a $6.00 target price on the stock.

A number of other research analysts have also weighed in on ERAS. Morgan Stanley restated an “overweight” rating and issued a $4.00 price objective on shares of Erasca in a report on Friday, March 7th. Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a report on Tuesday, January 7th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $4.80.

Erasca Stock Performance

Erasca stock opened at $1.53 on Friday. The company’s fifty day moving average price is $1.63 and its 200 day moving average price is $2.37. Erasca has a 1 year low of $1.23 and a 1 year high of $3.45. The stock has a market capitalization of $432.57 million, a P/E ratio of -1.84 and a beta of 1.22.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Wednesday, March 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01. During the same quarter last year, the firm posted ($0.20) earnings per share. Sell-side analysts predict that Erasca will post -0.73 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System raised its holdings in shares of Erasca by 7.1% during the 4th quarter. California State Teachers Retirement System now owns 171,821 shares of the company’s stock worth $431,000 after acquiring an additional 11,385 shares during the period. Mackenzie Financial Corp purchased a new position in shares of Erasca during the 4th quarter worth $28,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Erasca by 22.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 444,769 shares of the company’s stock worth $1,116,000 after acquiring an additional 80,684 shares during the period. Squarepoint Ops LLC purchased a new stake in Erasca in the 4th quarter valued at about $126,000. Finally, Tang Capital Management LLC raised its holdings in Erasca by 19.9% in the 4th quarter. Tang Capital Management LLC now owns 602,915 shares of the company’s stock valued at $1,513,000 after buying an additional 100,000 shares during the period. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Erasca Company Profile

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.