Bank of America Upgrades Erasca (NASDAQ:ERAS) to Buy

Erasca (NASDAQ:ERAS) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a $5.00 price target on the stock. Bank of America‘s target price points to a potential upside of 81.82% from the stock’s current price.

Several other equities analysts also recently issued reports on the stock. The Goldman Sachs Group upped their price objective on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a report on Friday, October 25th. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price target on shares of Erasca in a report on Wednesday, November 13th. Finally, Jefferies Financial Group started coverage on shares of Erasca in a report on Monday, November 18th. They set a “buy” rating and a $6.00 price objective on the stock. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $5.70.

Erasca Stock Performance

Shares of ERAS stock opened at $2.75 on Tuesday. Erasca has a 12-month low of $1.64 and a 12-month high of $3.45. The business’s fifty day simple moving average is $2.77 and its 200-day simple moving average is $2.75. 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 announced its 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. On average, equities analysts forecast that Erasca will post -0.73 earnings per share for the current year.

Institutional Trading of Erasca

Several large investors have recently made changes to their positions in ERAS. Franklin Resources Inc. acquired a new position in Erasca during the third quarter valued at $181,000. Barclays PLC raised its stake in shares of Erasca by 627.5% during the 3rd quarter. Barclays PLC now owns 343,930 shares of the company’s stock valued at $939,000 after buying an additional 296,657 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Erasca by 36.0% in the 3rd 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 during the period. Frazier Life Sciences Management L.P. boosted its stake 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 last quarter. Finally, State Street Corp grew its holdings in Erasca by 145.2% during 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 during the period. 67.78% of the stock is owned by hedge funds and other institutional investors.

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.