Erasca’s (ERAS) Overweight Rating Reiterated at Morgan Stanley

Erasca (NASDAQ:ERAS)‘s stock had its “overweight” rating restated by equities research analysts at Morgan Stanley in a research note issued to investors on Friday,Benzinga reports. They currently have a $4.00 price target on the stock. Morgan Stanley’s price objective would indicate a potential upside of 165.25% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Jefferies Financial Group began coverage on Erasca in a research note on Monday, November 18th. They issued a “buy” rating and a $6.00 price objective for the company. HC Wainwright reiterated a “buy” rating and set a $6.00 price target on shares of Erasca in a report on Wednesday, November 13th. Finally, Bank of America raised shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a report on Tuesday, January 7th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $5.42.

Erasca Stock Performance

Erasca stock traded up $0.09 during midday trading on Friday, hitting $1.51. 476,078 shares of the company’s stock were exchanged, compared to its average volume of 1,663,939. The company has a market cap of $426.35 million, a PE ratio of -1.80 and a beta of 1.22. Erasca has a 12 month low of $1.23 and a 12 month high of $3.45. The firm has a 50-day moving average of $1.88 and a two-hundred day moving average of $2.47.

Institutional Investors Weigh In On Erasca

Several hedge funds have recently modified their holdings of ERAS. Creative Planning boosted its holdings in shares of Erasca by 23.0% in the 3rd quarter. Creative Planning now owns 20,014 shares of the company’s stock valued at $55,000 after purchasing an additional 3,737 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its stake in shares of Erasca by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 59,949 shares of the company’s stock valued at $150,000 after buying an additional 5,614 shares in the last quarter. New York State Common Retirement Fund lifted its position in Erasca by 42.4% during the 4th 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 grew its position in Erasca by 8.7% in the fourth quarter. MetLife Investment Management LLC now owns 112,725 shares of the company’s stock valued at $283,000 after acquiring an additional 9,039 shares in the last quarter. Finally, Hsbc Holdings PLC raised its stake in shares of Erasca by 57.3% during the fourth quarter. Hsbc Holdings PLC now owns 28,714 shares of the company’s stock valued at $73,000 after purchasing an additional 10,458 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.