Erasca’s (ERAS) Buy Rating Reiterated at HC Wainwright

Erasca (NASDAQ:ERAS)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a research note issued on Friday, Benzinga reports. They presently have a $6.00 price target on the stock. HC Wainwright’s price target would indicate a potential upside of 132.56% from the company’s current price.

Separately, The Goldman Sachs Group cut their price objective on shares of Erasca from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $6.00.

Erasca Stock Performance

ERAS stock opened at $2.58 on Friday. Erasca has a 12 month low of $1.51 and a 12 month high of $3.45. The stock has a market capitalization of $447.27 million, a P/E ratio of -3.07 and a beta of 1.16. The firm has a 50-day moving average price of $2.77 and a 200-day moving average price of $2.52.

Erasca (NASDAQ:ERAS) last announced its earnings results on Monday, August 12th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.12). As a group, equities analysts predict that Erasca will post -0.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Frazier Life Sciences Management L.P. bought a new position in Erasca in the second quarter worth $38,270,000. Logos Global Management LP purchased a new position in Erasca in the second quarter worth about $13,924,000. Vanguard Group Inc. grew its position in Erasca by 14.4% during the first quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock valued at $8,937,000 after buying an additional 545,765 shares during the period. Marshall Wace LLP bought a new position in Erasca in the 2nd quarter worth $8,667,000. Finally, Affinity Asset Advisors LLC purchased a new position in shares of Erasca during the 2nd quarter valued at about $5,899,000. 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.