Erasca (NASDAQ:ERAS) Given New $5.00 Price Target at HC Wainwright

Erasca (NASDAQ:ERASFree Report) had its price target reduced by HC Wainwright from $8.00 to $5.00 in a research note published on Monday morning, Benzinga reports. HC Wainwright currently has a buy rating on the stock.

Other equities analysts also recently issued research reports about the company. The Goldman Sachs Group lifted their price objective on Erasca from $6.00 to $7.00 and gave the company a buy rating in a research report on Tuesday, April 2nd. Capital One Financial reiterated an overweight rating and set a $8.00 price target on shares of Erasca in a research report on Monday, March 11th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $7.33.

View Our Latest Research Report on ERAS

Erasca Stock Performance

ERAS opened at $2.24 on Monday. The firm has a market cap of $388.33 million, a price-to-earnings ratio of -2.67 and a beta of 1.06. The firm’s 50-day simple moving average is $2.05 and its 200-day simple moving average is $2.02. Erasca has a twelve month low of $1.51 and a twelve month high of $3.38.

Erasca (NASDAQ:ERASGet Free Report) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.02). As a group, sell-side analysts anticipate that Erasca will post -0.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Erasca

Large investors have recently made changes to their positions in the company. Armistice Capital LLC increased its position in Erasca by 6.4% in the third quarter. Armistice Capital LLC now owns 8,356,000 shares of the company’s stock worth $16,461,000 after purchasing an additional 500,000 shares during the period. Vanguard Group Inc. raised its stake in shares of Erasca by 14.4% during the first quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock worth $8,937,000 after buying an additional 545,765 shares during the last quarter. CVI Holdings LLC acquired a new position in Erasca in the first quarter valued at approximately $3,000,000. Sanders Morris Harris LLC lifted its holdings in Erasca by 35.2% in the fourth quarter. Sanders Morris Harris LLC now owns 575,189 shares of the company’s stock valued at $1,252,000 after buying an additional 149,892 shares during the period. Finally, GSA Capital Partners LLP boosted its stake in Erasca by 57.4% in the third quarter. GSA Capital Partners LLP now owns 404,082 shares of the company’s stock valued at $796,000 after acquiring an additional 147,411 shares during the last quarter. Institutional investors and hedge funds own 67.78% of the company’s stock.

About Erasca

(Get Free Report)

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.

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Analyst Recommendations for Erasca (NASDAQ:ERAS)

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