Erasca (NASDAQ:ERAS) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of Erasca (NASDAQ:ERAS) from a neutral rating to a buy rating in a research note released on Tuesday morning,Benzinga reports. The firm currently has $5.00 target price on the stock.

A number of other equities analysts have also weighed in on ERAS. HC Wainwright reaffirmed a “buy” rating and set a $6.00 target price on shares of Erasca in a research report on Wednesday, November 13th. Jefferies Financial Group started coverage on shares of Erasca in a research note on Monday, November 18th. They issued a “buy” rating and a $6.00 target price for the company. Finally, The Goldman Sachs Group lifted their target price on Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Friday, October 25th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $5.70.

Erasca Stock Up 3.0 %

NASDAQ:ERAS opened at $2.75 on Tuesday. Erasca has a twelve month low of $1.64 and a twelve month high of $3.45. The company has a fifty day moving average of $2.77 and a 200-day moving average of $2.75. The firm has a market capitalization of $777.50 million, a P/E ratio of -3.31 and a beta of 1.21.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.06. On average, analysts anticipate that Erasca will post -0.73 EPS for the current fiscal year.

Institutional Trading of Erasca

A number of institutional investors have recently modified their holdings of the company. Franklin Resources Inc. bought a new position in Erasca during the 3rd quarter valued at approximately $181,000. Barclays PLC raised 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 buying an additional 296,657 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Erasca by 36.0% in the third quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock valued at $12,295,000 after acquiring an additional 1,190,807 shares during the period. Frazier Life Sciences Management L.P. boosted its holdings in shares of Erasca by 19.6% in 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 during the last quarter. Finally, State Street Corp grew its position in shares of 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 acquiring an additional 3,569,440 shares during the period. 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.