Analysts Set Erasca, Inc. (NASDAQ:ERAS) PT at $5.70

Erasca, Inc. (NASDAQ:ERAS) has received an average rating of “Buy” from the five analysts that are currently covering the company, MarketBeat reports. Five research analysts have rated the stock with a buy recommendation. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $4.90.

A number of equities analysts have issued reports on the stock. Bank of America upgraded shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a research report on Tuesday, January 7th. Jefferies Financial Group began coverage on Erasca in a report on Monday, November 18th. They set a “buy” rating and a $6.00 price target on the stock. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $4.00 price objective on shares of Erasca in a report on Friday, March 7th.

Erasca Stock Down 3.9 %

Shares of NASDAQ ERAS opened at $1.47 on Friday. The firm’s fifty day moving average is $1.77 and its 200 day moving average is $2.42. Erasca has a 52 week low of $1.23 and a 52 week high of $3.45. The company has a market cap of $415.61 million, a price-to-earnings ratio of -1.77 and a beta of 1.22.

Hedge Funds Weigh In On Erasca

Several hedge funds and other institutional investors have recently modified their holdings of the stock. AXQ Capital LP bought a new stake in Erasca during the 4th quarter valued at approximately $27,000. Mackenzie Financial Corp purchased a new position in shares of Erasca in the 4th quarter valued at approximately $28,000. Neuberger Berman Group LLC purchased a new position in shares of Erasca in the 4th quarter valued at approximately $33,000. Brevan Howard Capital Management LP bought a new stake in shares of Erasca during the fourth quarter valued at approximately $41,000. Finally, Cibc World Markets Corp purchased a new stake in Erasca in the fourth quarter worth $43,000. Hedge funds and other 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.