Erasca (NASDAQ:ERAS) Upgraded by Bank of America to Buy Rating

Erasca (NASDAQ:ERAS) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a $5.00 price objective on the stock. Bank of America‘s target price suggests a potential upside of 80.51% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. The Goldman Sachs Group boosted their price objective on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a report on Friday, October 25th. HC Wainwright reissued a “buy” rating and issued a $6.00 price objective on shares of Erasca in a research note on Wednesday, November 13th. Finally, Jefferies Financial Group assumed coverage on shares of Erasca in a report on Monday, November 18th. They set a “buy” rating and a $6.00 price target for the company. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $5.70.

Erasca Stock Performance

Erasca stock traded up $0.10 during mid-day trading on Tuesday, reaching $2.77. 916,853 shares of the company were exchanged, compared to its average volume of 874,572. The firm has a market cap of $783.15 million, a P/E ratio of -3.34 and a beta of 1.21. Erasca has a 12-month low of $1.64 and a 12-month high of $3.45. The business has a fifty day moving average of $2.77 and a 200 day moving average of $2.75.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.06. Sell-side analysts predict that Erasca will post -0.73 EPS for the current year.

Hedge Funds Weigh In On Erasca

Large investors have recently bought and sold shares of the stock. Frazier Life Sciences Management L.P. grew its position in Erasca by 19.6% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock worth $52,939,000 after purchasing an additional 3,175,471 shares during the last quarter. State Street Corp boosted its position in shares of Erasca by 145.2% during the 3rd quarter. State Street Corp now owns 6,027,620 shares of the company’s stock worth $16,455,000 after purchasing an additional 3,569,440 shares in the last quarter. Logos Global Management LP acquired a new position in Erasca during the second quarter worth about $13,924,000. PFM Health Sciences LP boosted its stake in shares of Erasca by 4.4% during the 3rd quarter. PFM Health Sciences LP now owns 4,876,911 shares of the company’s stock worth $13,314,000 after acquiring an additional 205,137 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Erasca by 36.0% in the third quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock valued at $12,295,000 after purchasing an additional 1,190,807 shares during the last quarter. Institutional investors and hedge funds own 67.78% of the company’s stock.

Erasca Company Profile

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.