Erasca (NASDAQ:ERAS) Coverage Initiated by Analysts at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Erasca (NASDAQ:ERAS) in a research report sent to investors on Monday, Marketbeat Ratings reports. The firm issued a buy rating and a $6.00 price objective on the stock.

ERAS has been the subject of several other reports. The Goldman Sachs Group raised their price objective on shares of Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Friday, October 25th. HC Wainwright restated a “buy” rating and set a $6.00 price objective on shares of Erasca in a research report on Wednesday, November 13th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Erasca presently has a consensus rating of “Moderate Buy” and an average price target of $6.08.

Erasca Stock Performance

Shares of NASDAQ:ERAS opened at $2.73 on Monday. Erasca has a 52-week low of $1.51 and a 52-week high of $3.45. The company has a market capitalization of $771.85 million, a P/E ratio of -3.29 and a beta of 1.16. The company has a 50-day simple moving average of $2.78 and a 200 day simple moving average of $2.63.

Erasca (NASDAQ:ERAS) last issued its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.06. As a group, equities analysts forecast that Erasca will post -0.82 earnings per share for the current year.

Institutional Investors Weigh In On Erasca

Hedge funds and other institutional investors have recently made changes to their positions in the business. Federated Hermes Inc. acquired a new stake in shares of Erasca in the second quarter valued at approximately $31,000. Sei Investments Co. acquired a new stake in shares of Erasca in the second quarter valued at approximately $39,000. Victory Capital Management Inc. raised its position 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 buying an additional 9,689 shares in the last quarter. Creative Planning raised its position in shares of Erasca by 23.0% in the third quarter. Creative Planning now owns 20,014 shares of the company’s stock valued at $55,000 after buying an additional 3,737 shares in the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC raised its position in shares of Erasca by 41.2% in the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock valued at $81,000 after buying an additional 10,000 shares in the last quarter. 67.78% of the stock is currently owned by institutional investors and hedge funds.

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.