Erasca (NASDAQ:ERAS) Now Covered by Raymond James

Equities research analysts at Raymond James initiated coverage on shares of Erasca (NASDAQ:ERAS) in a research note issued on Wednesday,Briefing.com Automated Import reports. The firm set an “outperform” rating and a $5.00 price target on the stock. Raymond James’ price objective would suggest a potential upside of 237.84% from the stock’s current price.

ERAS has been the subject of several other reports. Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a report on Tuesday, January 7th. Morgan Stanley reaffirmed an “overweight” rating and issued a $4.00 target price on shares of Erasca in a research report on Friday, March 7th. HC Wainwright reissued a “buy” rating and set a $6.00 price target on shares of Erasca in a report on Friday, March 21st. Finally, The Goldman Sachs Group cut their price objective on Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a report on Friday, March 21st. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $4.83.

Erasca Price Performance

ERAS opened at $1.48 on Wednesday. The firm has a market cap of $418.44 million, a PE ratio of -1.78 and a beta of 1.22. The stock has a 50-day moving average price of $1.61 and a 200-day moving average price of $2.34. Erasca has a 1 year low of $1.23 and a 1 year high of $3.45.

Erasca (NASDAQ:ERAS) last issued its earnings results on Thursday, March 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.01. During the same quarter in the prior year, the company posted ($0.20) earnings per share. As a group, sell-side analysts anticipate that Erasca will post -0.73 EPS for the current year.

Institutional Investors Weigh In On Erasca

Institutional investors have recently bought and sold shares of the business. AXQ Capital LP purchased a new stake in shares of Erasca during the fourth quarter worth about $27,000. Mackenzie Financial Corp bought a new stake in shares of Erasca during the fourth quarter valued at approximately $28,000. Neuberger Berman Group LLC purchased a new position in shares of Erasca in the fourth quarter worth $33,000. Brevan Howard Capital Management LP bought a new position in shares of Erasca during the fourth quarter worth $41,000. Finally, Cibc World Markets Corp purchased a new position in Erasca during the fourth quarter valued at $43,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.

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.