Analysts Set Erasca, Inc. (NASDAQ:ERAS) Target Price at $6.10

Erasca, Inc. (NASDAQ:ERAS) has received an average recommendation of “Moderate Buy” from the six analysts that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $6.08.

Several research analysts recently issued reports on the stock. Jefferies Financial Group started coverage on shares of Erasca in a research note on Monday, November 18th. They issued a “buy” rating and a $6.00 price target for the company. The Goldman Sachs Group lifted their target price on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, HC Wainwright reissued a “buy” rating and issued a $6.00 price target on shares of Erasca in a research report on Wednesday, November 13th.

Erasca Stock Performance

ERAS stock opened at $2.70 on Monday. The company has a market capitalization of $763.36 million, a price-to-earnings ratio of -3.25 and a beta of 1.16. The business’s 50 day moving average price is $2.75 and its two-hundred day moving average price is $2.64. Erasca has a fifty-two week low of $1.51 and a fifty-two week high of $3.45.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.06. Sell-side analysts forecast that Erasca will post -0.76 earnings per share for the current year.

Institutional Investors Weigh In On Erasca

A number of institutional investors have recently made changes to their positions in the company. Barclays PLC lifted its position in Erasca by 627.5% in the 3rd quarter. Barclays PLC now owns 343,930 shares of the company’s stock valued at $939,000 after acquiring an additional 296,657 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Erasca by 36.0% during the third quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock valued at $12,295,000 after purchasing an additional 1,190,807 shares in the last quarter. Frazier Life Sciences Management L.P. boosted its position in shares of Erasca by 19.6% during the third quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock valued at $52,939,000 after buying an additional 3,175,471 shares during the last quarter. State Street Corp increased its holdings in Erasca by 145.2% in the 3rd quarter. State Street Corp now owns 6,027,620 shares of the company’s stock worth $16,455,000 after buying an additional 3,569,440 shares in the last quarter. Finally, PFM Health Sciences LP raised its position in Erasca by 4.4% in the 3rd quarter. PFM Health Sciences LP now owns 4,876,911 shares of the company’s stock worth $13,314,000 after buying an additional 205,137 shares during the last quarter. Hedge funds and other 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.