Erasca’s (ERAS) “Buy” Rating Reaffirmed at HC Wainwright

Erasca (NASDAQ:ERAS)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $6.00 price target on the stock. HC Wainwright’s target price would indicate a potential upside of 305.41% from the stock’s current price.

A number of other equities analysts have also commented on the stock. Bank of America raised shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a research report on Tuesday, January 7th. Morgan Stanley reaffirmed an “overweight” rating and set a $4.00 target price on shares of Erasca in a research report on Friday, March 7th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Erasca has a consensus rating of “Buy” and a consensus price target of $4.90.

Erasca Price Performance

Erasca stock opened at $1.48 on Friday. Erasca has a 1-year low of $1.23 and a 1-year high of $3.45. The firm has a market capitalization of $418.44 million, a P/E ratio of -1.78 and a beta of 1.22. The company’s 50-day moving average is $1.65 and its 200 day moving average is $2.38.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Wednesday, March 26th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.01. During the same quarter in the previous year, the business earned ($0.20) earnings per share. Research analysts anticipate that Erasca will post -0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Erasca

A number of hedge funds and other institutional investors have recently modified their holdings of the business. California State Teachers Retirement System lifted its stake in shares of Erasca by 7.1% during the fourth quarter. California State Teachers Retirement System now owns 171,821 shares of the company’s stock worth $431,000 after buying an additional 11,385 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of Erasca during the fourth quarter worth $28,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Erasca by 22.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 444,769 shares of the company’s stock worth $1,116,000 after buying an additional 80,684 shares during the period. Squarepoint Ops LLC acquired a new stake in shares of Erasca during the fourth quarter worth $126,000. Finally, Tang Capital Management LLC lifted its stake in shares of Erasca by 19.9% during the fourth quarter. Tang Capital Management LLC now owns 602,915 shares of the company’s stock worth $1,513,000 after buying an additional 100,000 shares during the period. 67.78% of the stock is currently owned by 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.