Brokerages Set Erasca, Inc. (NASDAQ:ERAS) Price Target at $5.70

Erasca, Inc. (NASDAQ:ERAS) has been given a consensus rating of “Buy” by the six research firms that are presently covering the stock, MarketBeat reports. Six research analysts have rated the stock with a buy recommendation. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $5.42.

A number of research firms recently commented on ERAS. Bank of America raised shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a research note on Tuesday, January 7th. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price target on shares of Erasca in a research note on Wednesday, November 13th. Jefferies Financial Group started coverage on shares of Erasca in a research report on Monday, November 18th. They issued a “buy” rating and a $6.00 price objective for the company. Finally, Morgan Stanley restated an “overweight” rating and issued a $4.00 price target on shares of Erasca in a report on Friday.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ERAS. Octagon Capital Advisors LP purchased a new stake in shares of Erasca in the 4th quarter valued at $12,893,000. State Street Corp boosted its holdings in Erasca by 145.2% during the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock worth $16,455,000 after buying an additional 3,569,440 shares in the last quarter. Frazier Life Sciences Management L.P. boosted its holdings in Erasca by 19.6% during the third quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock worth $52,939,000 after buying an additional 3,175,471 shares in the last quarter. Millennium Management LLC boosted its holdings in Erasca by 73.3% during the fourth quarter. Millennium Management LLC now owns 4,177,900 shares of the company’s stock worth $10,487,000 after buying an additional 1,767,350 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Erasca by 36.0% during the third quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock worth $12,295,000 after buying an additional 1,190,807 shares in the last quarter. Institutional investors and hedge funds own 67.78% of the company’s stock.

Erasca Stock Up 7.7 %

Shares of NASDAQ:ERAS opened at $1.53 on Friday. Erasca has a 52 week low of $1.23 and a 52 week 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. The firm has a fifty day simple moving average of $1.86 and a two-hundred day simple moving average of $2.45.

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.