Raymond James Begins Coverage on Erasca (NASDAQ:ERAS)

Raymond James initiated coverage on shares of Erasca (NASDAQ:ERAS) in a report published on Wednesday, MarketBeat.com reports. The firm issued an outperform rating and a $5.00 price objective on the stock.

Several other analysts have also commented on ERAS. The Goldman Sachs Group lowered their price objective on shares of Erasca from $3.50 to $3.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. Bank of America raised 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. HC Wainwright restated a “buy” rating and issued a $6.00 price objective on shares of Erasca in a research report on Friday, March 21st. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $4.00 target price on shares of Erasca in a report on Friday, March 7th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $4.83.

Erasca Price Performance

Erasca stock opened at $1.48 on Wednesday. Erasca has a 52 week low of $1.23 and a 52 week high of $3.45. The company’s 50 day moving average price is $1.60 and its two-hundred day moving average price is $2.33. The stock has a market cap of $419.23 million, a P/E ratio of -1.78 and a beta of 1.22.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.01. During the same period in the prior year, the business earned ($0.20) EPS. On average, equities analysts anticipate that Erasca will post -0.73 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ERAS. AXQ Capital LP purchased a new position in shares of Erasca in the fourth quarter valued at about $27,000. Mackenzie Financial Corp purchased a new stake in Erasca in the 4th quarter worth approximately $28,000. Neuberger Berman Group LLC purchased a new position in shares of Erasca during the fourth quarter valued at approximately $33,000. Brevan Howard Capital Management LP bought a new position in shares of Erasca during the fourth quarter valued at approximately $41,000. Finally, Cibc World Markets Corp purchased a new stake in Erasca in the fourth quarter worth $43,000. 67.78% of the stock is owned by hedge funds and other institutional investors.

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.