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

Erasca (NASDAQ:ERAS) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued on Tuesday,Benzinga reports. The firm presently has a $5.00 price target on the stock. Bank of America‘s target price indicates a potential upside of 80.51% from the company’s previous close.

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

Erasca Stock Performance

ERAS traded up $0.10 on Tuesday, hitting $2.77. 916,853 shares of the company were exchanged, compared to its average volume of 874,572. The firm has a fifty day simple moving average of $2.77 and a two-hundred day simple moving average of $2.75. Erasca has a 12 month low of $1.64 and a 12 month high of $3.45. The stock has a market capitalization of $783.15 million, a PE ratio of -3.34 and a beta of 1.21.

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

Institutional Investors Weigh In On Erasca

A number of institutional investors have recently made changes to their positions in the company. Federated Hermes Inc. bought a new position in Erasca in the second quarter valued at about $31,000. Sei Investments Co. bought a new position in Erasca during the second quarter valued at approximately $39,000. Victory Capital Management Inc. grew its holdings in shares of Erasca by 82.2% in the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after purchasing an additional 9,689 shares in the last quarter. Creative Planning increased its holdings in shares of Erasca by 23.0% in the 3rd quarter. Creative Planning now owns 20,014 shares of the company’s stock worth $55,000 after buying an additional 3,737 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Erasca by 27.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock valued at $113,000 after purchasing an additional 10,164 shares during the last quarter. Hedge funds and other institutional investors own 67.78% of the company’s stock.

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.