Raymond James Begins Coverage on Erasca (NASDAQ:ERAS)

Raymond James began coverage on shares of Erasca (NASDAQ:ERAS) in a report released on Wednesday morning, Marketbeat.com reports. The firm issued an outperform rating and a $5.00 target price on the stock.

ERAS has been the topic of a number of other research reports. HC Wainwright reissued a “buy” rating and set a $6.00 price target on shares of Erasca in a research report on Friday, March 21st. The Goldman Sachs Group reduced their target price on Erasca from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, March 21st. Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price target on the stock in a research report on Tuesday, January 7th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $4.00 price objective on shares of Erasca in a research report on Friday, March 7th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Erasca currently has an average rating of “Buy” and an average target price of $4.83.

Erasca Stock Performance

Shares of Erasca stock opened at $1.52 on Wednesday. The firm has a 50-day moving average of $1.59 and a 200-day moving average of $2.32. Erasca has a 52-week low of $1.23 and a 52-week high of $3.45. The stock has a market cap of $430.56 million, a PE ratio of -1.83 and a beta of 1.22.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Thursday, March 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01. During the same quarter in the prior year, the company posted ($0.20) earnings per share. Equities research analysts predict that Erasca will post -0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Erasca

Several hedge funds and other institutional investors have recently modified their holdings of ERAS. China Universal Asset Management Co. Ltd. lifted its position in shares of Erasca by 10.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 59,949 shares of the company’s stock worth $150,000 after buying an additional 5,614 shares during the last quarter. New York State Common Retirement Fund raised its stake in Erasca by 42.4% during the fourth quarter. New York State Common Retirement Fund now owns 26,859 shares of the company’s stock worth $67,000 after acquiring an additional 8,000 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in shares of Erasca by 8.7% in the fourth quarter. MetLife Investment Management LLC now owns 112,725 shares of the company’s stock worth $283,000 after acquiring an additional 9,039 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Erasca by 57.3% in the fourth quarter. Hsbc Holdings PLC now owns 28,714 shares of the company’s stock worth $73,000 after acquiring an additional 10,458 shares during the last quarter. Finally, AXQ Capital LP acquired a new stake in shares of Erasca in the 4th quarter valued at approximately $27,000. Institutional investors own 67.78% of the company’s stock.

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.