HC Wainwright Reiterates “Buy” Rating for Erasca (NASDAQ:ERAS)

Erasca (NASDAQ:ERAS)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a research report issued on Thursday, Benzinga reports. They currently have a $8.00 price objective on the stock. HC Wainwright’s target price points to a potential upside of 288.35% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Mizuho decreased their price target on Erasca from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, November 29th. Bank of America lowered Erasca from a “buy” rating to a “neutral” rating and reduced their price target for the company from $11.00 to $6.00 in a research report on Friday, January 5th. Finally, Capital One Financial reissued an “overweight” rating and issued a $8.00 price objective on shares of Erasca in a research note on Monday, March 11th.

Erasca Stock Up 4.0 %

NASDAQ:ERAS opened at $2.06 on Thursday. The firm has a market capitalization of $311.25 million, a price-to-earnings ratio of -1.22 and a beta of 1.13. The stock’s 50 day moving average price is $1.99 and its two-hundred day moving average price is $2.09. Erasca has a 12-month low of $1.51 and a 12-month high of $3.38.

Hedge Funds Weigh In On Erasca

Several institutional investors have recently modified their holdings of ERAS. GSA Capital Partners LLP grew its holdings in Erasca by 57.4% during the third quarter. GSA Capital Partners LLP now owns 404,082 shares of the company’s stock valued at $796,000 after purchasing an additional 147,411 shares during the period. Barclays PLC grew its holdings in Erasca by 14.0% during the third quarter. Barclays PLC now owns 42,928 shares of the company’s stock valued at $85,000 after purchasing an additional 5,281 shares during the period. Swiss National Bank grew its holdings in Erasca by 11.2% during the third quarter. Swiss National Bank now owns 182,300 shares of the company’s stock valued at $359,000 after purchasing an additional 18,400 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Erasca by 207.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,421 shares of the company’s stock valued at $68,000 after purchasing an additional 23,228 shares during the period. Finally, Exchange Traded Concepts LLC grew its holdings in Erasca by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 54,339 shares of the company’s stock valued at $116,000 after purchasing an additional 13,779 shares during the period. 67.78% of the stock is owned by institutional investors.

About Erasca

Erasca, Inc, a clinical-stage biopharmaceutical company, focuses on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company's lead candidates include ERAS-007, an oral inhibitor of ERK1/2 for the treatment of non-small cell lung cancer, colorectal cancer, and acute myeloid leukemia; and ERAS-601, an oral SHP2 inhibitor for patients with advanced or metastatic solid tumors.