Erasca (NASDAQ:ERAS) Announces Earnings Results, Misses Expectations By $0.02 EPS

Erasca (NASDAQ:ERAS) released its quarterly earnings data on Thursday. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.02), FiscalAI reports.

Erasca Stock Down 6.1%

Erasca stock traded down $1.02 during midday trading on Thursday, reaching $15.78. The stock had a trading volume of 4,852,869 shares, compared to its average volume of 5,809,895. Erasca has a 52-week low of $2.46 and a 52-week high of $24.28. The firm has a market cap of $5.52 billion, a price-to-earnings ratio of -16.61 and a beta of 0.68. The company has a fifty day moving average of $14.98 and a 200 day moving average of $15.20.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Guggenheim boosted their target price on shares of Erasca from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a report on Tuesday, September 8th. Bank of America increased their price target on shares of Erasca from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, August 14th. Morgan Stanley lifted their price target on Erasca from $12.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday, July 20th. Finally, HC Wainwright boosted their price objective on Erasca from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.09.

About Erasca

Erasca, Inc. is a clinical-stage biotechnology company focused on developing medicines for cancer. Its research centers on the RAS/MAPK signaling pathway, which is involved in the growth of many tumors and can be difficult to target with existing therapies. The company’s pipeline includes investigational drug candidates designed to inhibit RAS proteins and other targets in the pathway. Erasca evaluates these candidates for potential use across multiple cancer types; its medicines remain in development rather than being marketed as approved treatments.