Erasca (NASDAQ:ERAS) Now Covered by Jefferies Financial Group

Investment analysts at Jefferies Financial Group began coverage on shares of Erasca (NASDAQ:ERAS) in a research report issued to clients and investors on Monday, Marketbeat reports. The brokerage set a “buy” rating and a $6.00 price target on the stock. Jefferies Financial Group’s target price would indicate a potential upside of 124.72% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group lifted their price objective on shares of Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a report on Friday, October 25th. HC Wainwright reiterated a “buy” rating and issued a $6.00 price objective on shares of Erasca in a research note on Wednesday, November 13th. 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, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $6.08.

Erasca Trading Down 5.0 %

Erasca stock opened at $2.67 on Monday. Erasca has a 1-year low of $1.51 and a 1-year high of $3.45. The firm has a market capitalization of $754.89 million, a price-to-earnings ratio of -3.22 and a beta of 1.16. The firm’s fifty day moving average price is $2.78 and its two-hundred day moving average price is $2.62.

Erasca (NASDAQ:ERAS) last posted its 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. On average, research analysts forecast that Erasca will post -0.82 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Erasca by 14.4% during 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 grew its stake in shares of Erasca by 286.5% during the 1st quarter. Acadian Asset Management LLC now owns 346,953 shares of the company’s stock worth $713,000 after acquiring an additional 257,174 shares during the period. Edmonds Duncan Registered Investment Advisors LLC increased its holdings 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 worth $81,000 after acquiring an additional 10,000 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Erasca by 50.6% during the second quarter. Bank of New York Mellon Corp now owns 392,490 shares of the company’s stock valued at $926,000 after purchasing an additional 131,829 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in shares of Erasca by 27.2% in the second quarter. Rhumbline Advisers now owns 154,615 shares of the company’s stock worth $365,000 after purchasing an additional 33,106 shares in 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.