Erasca, Inc. (NASDAQ:ERAS) Receives Average Rating of “Buy” from Analysts

Erasca, Inc. (NASDAQ:ERAS) has earned an average recommendation of “Buy” from the five analysts that are covering the firm, MarketBeat reports. Five analysts have rated the stock with a buy recommendation. The average 1 year target price among brokers that have covered the stock in the last year is $5.70.

ERAS has been the topic of several analyst reports. Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a research note on Tuesday, January 7th. Morgan Stanley reissued an “overweight” rating and set a $4.00 target price on shares of Erasca in a research report on Friday. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price target on shares of Erasca in a research report on Wednesday, November 13th. Finally, Jefferies Financial Group initiated coverage on Erasca in a research report on Monday, November 18th. They issued a “buy” rating and a $6.00 price objective for the company.

Erasca Trading Up 8.8 %

Shares of ERAS traded up $0.13 during midday trading on Friday, reaching $1.55. 682,089 shares of the stock were exchanged, compared to its average volume of 1,664,993. Erasca has a 52 week low of $1.23 and a 52 week high of $3.45. The company’s 50 day moving average is $1.88 and its two-hundred day moving average is $2.47. The company has a market capitalization of $436.81 million, a P/E ratio of -1.84 and a beta of 1.22.

Institutional Trading of Erasca

Several large investors have recently made changes to their positions in ERAS. Creative Planning lifted its position in Erasca by 23.0% during the third quarter. Creative Planning now owns 20,014 shares of the company’s stock valued at $55,000 after purchasing an additional 3,737 shares during the period. Intech Investment Management LLC acquired a new position in shares of Erasca in the 3rd quarter valued at about $173,000. Charles Schwab Investment Management Inc. lifted its holdings in Erasca by 29.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,723,630 shares of the company’s stock valued at $4,706,000 after acquiring an additional 390,209 shares during the period. Valence8 US LP purchased a new stake in Erasca in the 3rd quarter worth approximately $128,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Erasca by 41.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 67,661 shares of the company’s stock worth $185,000 after purchasing an additional 19,800 shares during the period. 67.78% of the stock is 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.