Erasca (NASDAQ:ERAS) Given Buy Rating at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Erasca (NASDAQ:ERAS) in a research note released on Friday, Benzinga reports. HC Wainwright currently has a $6.00 price target on the stock.

Separately, The Goldman Sachs Group cut their price target 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 company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.10.

Erasca Stock Up 2.3 %

Shares of NASDAQ ERAS traded up $0.06 during trading on Friday, hitting $2.64. 1,000,535 shares of the company traded hands, compared to its average volume of 1,613,688. The firm has a market capitalization of $457.67 million, a P/E ratio of -3.14 and a beta of 1.16. The company has a 50-day moving average price of $2.77 and a 200-day moving average price of $2.52. Erasca has a 1 year low of $1.51 and a 1 year high of $3.45.

Erasca (NASDAQ:ERAS) last announced its quarterly 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). Research analysts predict that Erasca will post -0.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Erasca

Several hedge funds have recently modified their holdings of ERAS. China Universal Asset Management Co. Ltd. grew its position in Erasca by 78.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 54,335 shares of the company’s stock valued at $148,000 after acquiring an additional 23,808 shares in the last quarter. Creative Planning boosted its stake 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 purchasing an additional 3,737 shares during the period. SG Americas Securities LLC increased its stake in Erasca by 183.7% during the 3rd quarter. SG Americas Securities LLC now owns 64,946 shares of the company’s stock worth $177,000 after buying an additional 42,056 shares during the period. Frazier Life Sciences Management L.P. acquired a new position in Erasca in the 2nd quarter worth $38,270,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in Erasca by 27.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock worth $113,000 after buying an additional 10,164 shares in the last quarter. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

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.