Morgan Stanley Reaffirms Overweight Rating for Erasca (NASDAQ:ERAS)

Erasca (NASDAQ:ERAS)‘s stock had its “overweight” rating restated by Morgan Stanley in a research note issued on Friday,Benzinga reports. They currently have a $4.00 price objective on the stock. Morgan Stanley’s price target points to a potential upside of 161.44% from the stock’s previous close.

Several other research firms also recently weighed in on ERAS. HC Wainwright restated a “buy” rating and issued a $6.00 price target on shares of Erasca in a research note on Wednesday, November 13th. Jefferies Financial Group began coverage on Erasca in a research note on Monday, November 18th. They issued a “buy” rating and a $6.00 price target on the stock. Finally, Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price target on the stock in a research note on Tuesday, January 7th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $5.42.

Erasca Stock Performance

Shares of NASDAQ:ERAS opened at $1.53 on Friday. The firm has a market capitalization of $432.57 million, a P/E ratio of -1.84 and a beta of 1.22. The stock has a 50 day moving average price of $1.86 and a 200-day moving average price of $2.46. Erasca has a 52-week low of $1.23 and a 52-week high of $3.45.

Institutional Trading of Erasca

Institutional investors have recently added to or reduced their stakes in the business. Barclays PLC boosted its stake in Erasca by 627.5% during the 3rd quarter. Barclays PLC now owns 343,930 shares of the company’s stock valued at $939,000 after purchasing an additional 296,657 shares during the last quarter. Geode Capital Management LLC boosted its stake in Erasca by 36.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock valued at $12,295,000 after purchasing an additional 1,190,807 shares during the last quarter. State Street Corp boosted its stake in Erasca by 145.2% during the 3rd quarter. State Street Corp now owns 6,027,620 shares of the company’s stock valued at $16,455,000 after purchasing an additional 3,569,440 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Erasca during the 3rd quarter valued at $994,000. Finally, Fred Alger Management LLC purchased a new stake in Erasca during the 3rd quarter valued at $630,000. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

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.