Erasca (NASDAQ:ERAS) Announces Earnings Results

Erasca (NASDAQ:ERAS) issued its earnings results on Thursday. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02), FiscalAI reports.

Erasca Trading Down 6.1%

Shares of NASDAQ:ERAS traded down $1.02 during midday trading on Thursday, reaching $15.78. 4,852,869 shares of the company were exchanged, compared to its average volume of 5,809,895. The stock has a market cap of $5.52 billion, a PE ratio of -16.61 and a beta of 0.68. The business’s fifty day moving average is $14.98 and its two-hundred day moving average is $15.20. Erasca has a one year low of $2.46 and a one year high of $24.28.

Analysts Set New Price Targets

ERAS has been the subject of several research reports. Bank of America boosted their price objective on shares of Erasca from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, August 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research report on Tuesday, September 8th. HC Wainwright boosted their target price on shares of Erasca from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Guggenheim increased their price target on Erasca from $20.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, August 13th. Finally, Morgan Stanley lifted their price objective on Erasca from $12.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, July 20th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.09.

About Erasca

Erasca, Inc. is a clinical-stage biotechnology company focused on developing medicines for cancer. Its research centers on the RAS/MAPK signaling pathway, which is involved in the growth of many tumors and can be difficult to target with existing therapies. The company’s pipeline includes investigational drug candidates designed to inhibit RAS proteins and other targets in the pathway. Erasca evaluates these candidates for potential use across multiple cancer types; its medicines remain in development rather than being marketed as approved treatments.