Erasca (NASDAQ:ERAS) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Erasca (NASDAQ:ERAS) announced its earnings results on Thursday. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.01, Zacks reports.

Erasca Stock Performance

Shares of NASDAQ:ERAS remained flat at $1.48 during trading on Thursday. 1,919,568 shares of the company’s stock were exchanged, compared to its average volume of 1,688,310. Erasca has a 52 week low of $1.23 and a 52 week high of $3.45. The firm has a market cap of $418.44 million, a price-to-earnings ratio of -1.78 and a beta of 1.22. The company has a fifty day simple moving average of $1.67 and a two-hundred day simple moving average of $2.38.

Wall Street Analysts Forecast Growth

ERAS has been the subject of a number of research analyst reports. Morgan Stanley reissued an “overweight” rating and issued a $4.00 price target on shares of Erasca in a report on Friday, March 7th. Bank of America upgraded shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a report on Tuesday, January 7th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $4.90.

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.