Erasca (NASDAQ:ERAS) Stock Rating Upgraded by Bank of America

Bank of America upgraded shares of Erasca (NASDAQ:ERAS) from a neutral rating to a buy rating in a report released on Tuesday,Benzinga reports. The brokerage currently has $5.00 price target on the stock.

Other research analysts have also issued research reports about the company. Jefferies Financial Group initiated coverage on Erasca in a research report on Monday, November 18th. They set a “buy” rating and a $6.00 price target on the stock. The Goldman Sachs Group raised their price target on 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 set a $6.00 price target on shares of Erasca in a research note on Wednesday, November 13th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $5.70.

Erasca Trading Up 3.0 %

Shares of ERAS stock opened at $2.75 on Tuesday. The business’s fifty day simple moving average is $2.77 and its 200-day simple moving average is $2.75. Erasca has a 12-month low of $1.64 and a 12-month high of $3.45. The company has a market cap of $777.50 million, a PE ratio of -3.31 and a beta of 1.21.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.06. On average, equities analysts forecast that Erasca will post -0.73 earnings per share for the current year.

Institutional Investors Weigh In On Erasca

A number of institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. bought a new stake in shares of Erasca during the 3rd quarter worth $181,000. Barclays PLC raised its holdings in Erasca by 627.5% during the 3rd quarter. Barclays PLC now owns 343,930 shares of the company’s stock worth $939,000 after buying an additional 296,657 shares during the period. Geode Capital Management LLC lifted its stake in 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 buying an additional 1,190,807 shares in the last quarter. Frazier Life Sciences Management L.P. boosted its holdings in shares of Erasca by 19.6% in the third quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock worth $52,939,000 after buying an additional 3,175,471 shares during the period. Finally, State Street Corp increased its position in shares of Erasca by 145.2% in the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock worth $16,455,000 after acquiring an additional 3,569,440 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.