Erasca (NASDAQ:ERAS) Price Target Raised to $21.00

Erasca (NASDAQ:ERAS) had its price target hoisted by research analysts at Morgan Stanley from $12.00 to $21.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 9.55% from the stock’s current price.

Several other research firms have also recently commented on ERAS. Weiss Ratings reissued a “sell (d-)” rating on shares of Erasca in a research note on Thursday, June 11th. Wall Street Zen cut Erasca from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. HSBC set a $20.00 target price on shares of Erasca in a research note on Tuesday, July 14th. Bank of America raised their target price on shares of Erasca from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Finally, Wolfe Research set a $16.00 price target on shares of Erasca in a research note on Thursday, June 4th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Erasca has a consensus rating of “Moderate Buy” and a consensus price target of $21.64.

Erasca Price Performance

Shares of ERAS opened at $19.17 on Monday. The company has a market cap of $5.96 billion, a P/E ratio of -20.61 and a beta of 0.66. Erasca has a fifty-two week low of $1.33 and a fifty-two week high of $24.28. The firm’s 50 day moving average price is $14.55 and its 200 day moving average price is $13.44.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.48). Research analysts forecast that Erasca will post -0.55 earnings per share for the current year.

Institutional Trading of Erasca

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its position in shares of Erasca by 77.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company’s stock valued at $69,000 after buying an additional 1,859 shares during the last quarter. KBC Group NV acquired a new stake in Erasca during the 1st quarter worth $81,000. State of Wyoming purchased a new stake in Erasca in the first quarter valued at $95,000. ADAR1 Capital Management LLC acquired a new position in Erasca in the first quarter valued at $162,000. Finally, EntryPoint Capital LLC acquired a new position in Erasca in the fourth quarter valued at $38,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

Erasca Company Profile

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.