Guggenheim Boosts Erasca (NASDAQ:ERAS) Price Target to $5.00

Erasca (NASDAQ:ERAS) had its target price increased by equities research analysts at Guggenheim from $3.00 to $5.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price target would suggest a potential upside of 93.80% from the stock’s previous close.

ERAS has been the subject of several other research reports. Morgan Stanley reaffirmed an “equal weight” rating and issued a $2.00 price target (down previously from $4.00) on shares of Erasca in a report on Monday, August 18th. Wall Street Zen raised Erasca from a “sell” rating to a “hold” rating in a research note on Sunday, September 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Erasca in a report on Wednesday, October 8th. Bank of America reaffirmed an “underperform” rating and set a $1.00 target price (down from $4.00) on shares of Erasca in a research note on Wednesday, September 3rd. Finally, Stifel Nicolaus set a $6.00 price target on shares of Erasca in a research note on Thursday, November 6th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Erasca presently has a consensus rating of “Hold” and a consensus target price of $4.25.

Erasca Stock Up 1.6%

Shares of NASDAQ ERAS opened at $2.58 on Friday. The firm has a 50-day simple moving average of $2.18 and a 200-day simple moving average of $1.71. The stock has a market capitalization of $731.97 million, a price-to-earnings ratio of -5.73 and a beta of 1.19. Erasca has a 52 week low of $1.01 and a 52 week high of $3.30.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). As a group, equities research analysts expect that Erasca will post -0.73 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Cerity Partners LLC purchased a new stake in shares of Erasca in the 1st quarter valued at $49,000. CWM LLC lifted its position in shares of Erasca by 1,907.2% during the first quarter. CWM LLC now owns 36,250 shares of the company’s stock worth $50,000 after purchasing an additional 34,444 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Erasca in the first quarter valued at approximately $136,000. TD Asset Management Inc grew its holdings in shares of Erasca by 6.3% in the first quarter. TD Asset Management Inc now owns 256,032 shares of the company’s stock valued at $351,000 after purchasing an additional 15,286 shares in the last quarter. Finally, XTX Topco Ltd increased its stake in Erasca by 123.1% during the 1st quarter. XTX Topco Ltd now owns 123,501 shares of the company’s stock worth $169,000 after buying an additional 68,140 shares during the period. 67.78% of the stock is currently 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.