Morgan Stanley Issues Positive Forecast for Erasca (NASDAQ:ERAS) Stock Price

Erasca (NASDAQ:ERAS) had its target price boosted by equities research analysts at Morgan Stanley from $12.00 to $21.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would indicate a potential upside of 9.55% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Mizuho decreased their price objective on Erasca from $28.00 to $26.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Erasca in a research note on Thursday, June 11th. HSBC set a $20.00 price objective on Erasca in a report on Tuesday, July 14th. Wolfe Research set a $16.00 price target on Erasca in a report on Thursday, June 4th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Erasca in a research report on Tuesday, July 14th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Erasca presently has an average rating of “Moderate Buy” and a consensus price target of $21.64.

Erasca Price Performance

ERAS stock opened at $19.17 on Monday. Erasca has a 1-year low of $1.33 and a 1-year high of $24.28. The business has a 50-day moving average price of $14.55 and a 200 day moving average price of $13.44. The company has a market capitalization of $5.96 billion, a P/E ratio of -20.61 and a beta of 0.66.

Erasca (NASDAQ:ERAS) last posted its earnings results on Monday, May 11th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.48). On average, analysts anticipate that Erasca will post -0.55 earnings per share for the current fiscal year.

Institutional Trading of Erasca

Several institutional investors have recently made changes to their positions in ERAS. Wealthcare Advisory Partners LLC boosted its stake in Erasca by 5.0% during the second quarter. Wealthcare Advisory Partners LLC now owns 15,924 shares of the company’s stock worth $292,000 after buying an additional 756 shares during the period. Neuberger Berman Group LLC raised its stake in shares of Erasca by 11.3% in the 4th quarter. Neuberger Berman Group LLC now owns 12,358 shares of the company’s stock valued at $46,000 after acquiring an additional 1,253 shares during the period. Abel Hall LLC raised its stake in shares of Erasca by 8.1% in the 1st quarter. Abel Hall LLC now owns 16,947 shares of the company’s stock valued at $274,000 after acquiring an additional 1,265 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Erasca by 77.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company’s stock worth $69,000 after purchasing an additional 1,859 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Erasca by 25.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,787 shares of the company’s stock valued at $51,000 after purchasing an additional 2,820 shares during the last quarter. Hedge funds and other institutional investors own 67.78% of the company’s stock.

About Erasca

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.