Jefferies Financial Group Begins Coverage on Erasca (NASDAQ:ERAS)

Equities researchers at Jefferies Financial Group initiated coverage on shares of Erasca (NASDAQ:ERAS) in a report released on Monday, MarketBeat reports. The brokerage set a “buy” rating and a $6.00 price target on the stock. Jefferies Financial Group’s price target would indicate a potential upside of 115.05% from the stock’s current price.

A number of other brokerages have also recently weighed in on ERAS. HC Wainwright reissued a “buy” rating and issued a $6.00 price target on shares of Erasca in a research report on Wednesday, November 13th. The Goldman Sachs Group boosted their price target on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Erasca currently has an average rating of “Moderate Buy” and an average price target of $6.08.

Erasca Trading Up 2.2 %

Erasca stock opened at $2.79 on Monday. The stock has a market cap of $788.81 million, a P/E ratio of -3.36 and a beta of 1.16. The company has a fifty day simple moving average of $2.77 and a 200-day simple moving average of $2.63. Erasca has a 12-month low of $1.51 and a 12-month high of $3.45.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.06. As a group, sell-side analysts forecast that Erasca will post -0.82 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ERAS. Vanguard Group Inc. increased its stake in Erasca by 14.4% in the first quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock valued at $8,937,000 after purchasing an additional 545,765 shares during the period. Acadian Asset Management LLC increased its stake in Erasca by 286.5% in the first quarter. Acadian Asset Management LLC now owns 346,953 shares of the company’s stock valued at $713,000 after purchasing an additional 257,174 shares during the period. Edmonds Duncan Registered Investment Advisors LLC increased its stake in Erasca by 41.2% in the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock valued at $81,000 after purchasing an additional 10,000 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Erasca by 50.6% during the second quarter. Bank of New York Mellon Corp now owns 392,490 shares of the company’s stock worth $926,000 after acquiring an additional 131,829 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of Erasca by 27.2% during the second quarter. Rhumbline Advisers now owns 154,615 shares of the company’s stock worth $365,000 after acquiring an additional 33,106 shares during the period. 67.78% of the stock is currently owned by institutional investors and hedge funds.

About Erasca

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.