Erasca (NASDAQ:ERAS) Now Covered by Jefferies Financial Group

Investment analysts at Jefferies Financial Group assumed coverage on shares of Erasca (NASDAQ:ERAS) in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The firm set a “buy” rating and a $6.00 price target on the stock. Jefferies Financial Group’s price target would suggest a potential upside of 124.72% from the stock’s previous close.

Other analysts also recently issued reports about the company. The Goldman Sachs Group boosted their price target on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Friday, October 25th. HC Wainwright reiterated a “buy” rating and set a $6.00 price target on shares of Erasca in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Erasca presently has an average rating of “Moderate Buy” and an average price target of $6.08.

Erasca Price Performance

Shares of ERAS opened at $2.67 on Monday. The company has a market cap of $754.89 million, a PE ratio of -3.22 and a beta of 1.16. The firm has a 50-day moving average of $2.78 and a 200-day moving average of $2.62. Erasca has a one year low of $1.51 and a one year high of $3.45.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.06. Analysts expect that Erasca will post -0.82 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Federated Hermes Inc. acquired a new position in shares of Erasca in the second quarter worth approximately $31,000. Sei Investments Co. bought a new stake in shares of Erasca in the 2nd quarter valued at $39,000. Victory Capital Management Inc. increased its position in shares of Erasca by 82.2% during the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock worth $51,000 after buying an additional 9,689 shares during the period. Creative Planning lifted its holdings in Erasca by 23.0% in the third quarter. Creative Planning now owns 20,014 shares of the company’s stock valued at $55,000 after buying an additional 3,737 shares during the period. Finally, Edmonds Duncan Registered Investment Advisors LLC grew its holdings in Erasca by 41.2% during the 2nd quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock worth $81,000 after acquiring an additional 10,000 shares during the period. 67.78% of the stock is owned by institutional investors and hedge funds.

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.