Erasca (NASDAQ:ERAS) Stock Rating Reaffirmed by HC Wainwright

Erasca (NASDAQ:ERAS)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research report issued on Friday, Benzinga reports. They presently have a $6.00 price objective on the stock. HC Wainwright’s price objective points to a potential upside of 127.27% from the stock’s previous close.

Separately, The Goldman Sachs Group reduced their price objective on Erasca from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $6.10.

Erasca Stock Performance

Shares of ERAS stock opened at $2.64 on Friday. The firm has a market capitalization of $745.80 million, a price-to-earnings ratio of -2.87 and a beta of 1.16. Erasca has a one year low of $1.51 and a one year high of $3.45. The company has a 50 day moving average price of $2.77 and a 200 day moving average price of $2.52.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.12). As a group, equities analysts forecast that Erasca will post -0.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Erasca

Hedge funds have recently modified their holdings of the stock. CVI Holdings LLC acquired a new stake in Erasca in the first quarter valued at approximately $3,000,000. Susquehanna Fundamental Investments LLC purchased a new stake in Erasca during the 1st quarter worth $216,000. Vanguard Group Inc. increased its stake in Erasca by 14.4% during the 1st quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock worth $8,937,000 after buying an additional 545,765 shares during the period. Acadian Asset Management LLC lifted its holdings in Erasca by 286.5% in the 1st quarter. Acadian Asset Management LLC now owns 346,953 shares of the company’s stock worth $713,000 after buying an additional 257,174 shares in the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC boosted its position in Erasca by 41.2% in the 2nd quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock valued at $81,000 after buying an additional 10,000 shares during the last quarter. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

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.