Erasca’s (ERAS) Buy Rating Reiterated at HC Wainwright

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

Separately, The Goldman Sachs Group lowered their price target on Erasca from $4.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $6.10.

Erasca Price Performance

Shares of NASDAQ:ERAS opened at $2.64 on Friday. The business has a fifty day moving average of $2.76 and a two-hundred day moving average of $2.53. The stock has a market cap of $745.80 million, a P/E ratio of -2.87 and a beta of 1.16. Erasca has a 52-week low of $1.51 and a 52-week high of $3.45.

Erasca (NASDAQ:ERAS) last issued its earnings results on Monday, August 12th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.12). On average, equities analysts anticipate that Erasca will post -0.91 earnings per share for the current year.

Hedge Funds Weigh In On Erasca

A number of hedge funds have recently modified their holdings of the business. Frazier Life Sciences Management L.P. purchased a new position in shares of Erasca during the 2nd quarter worth $38,270,000. Logos Global Management LP purchased a new position in Erasca during the 2nd quarter valued at about $13,924,000. Vanguard Group Inc. boosted its holdings in Erasca by 14.4% during the 1st quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock valued at $8,937,000 after acquiring an additional 545,765 shares during the period. Marshall Wace LLP purchased a new position in Erasca during the 2nd quarter valued at about $8,667,000. Finally, Affinity Asset Advisors LLC purchased a new position in Erasca during the 2nd quarter valued at about $5,899,000. 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.