Erasca (NASDAQ:ERAS) Issues Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Erasca (NASDAQ:ERAS) released its earnings results on Thursday. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02), FiscalAI reports. The company had revenue of $1.45 million during the quarter.

Erasca Stock Performance

Shares of ERAS stock traded down $0.56 on Friday, hitting $15.22. 3,363,237 shares of the company’s stock traded hands, compared to its average volume of 5,803,715. Erasca has a one year low of $2.50 and a one year high of $24.28. The company’s fifty day simple moving average is $14.97 and its 200 day simple moving average is $15.23. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of -16.02 and a beta of 0.68.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ERAS shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research note on Tuesday, September 8th. Guggenheim upped their price objective on Erasca from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. Morgan Stanley upped their price objective on Erasca from $12.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, July 20th. HC Wainwright increased their price objective on Erasca from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Finally, Bank of America raised their price objective on Erasca from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, August 14th. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $22.09.

Erasca Company Profile

Erasca, Inc. is a clinical-stage biotechnology company focused on developing medicines for cancer. Its research centers on the RAS/MAPK signaling pathway, which is involved in the growth of many tumors and can be difficult to target with existing therapies. The company’s pipeline includes investigational drug candidates designed to inhibit RAS proteins and other targets in the pathway. Erasca evaluates these candidates for potential use across multiple cancer types; its medicines remain in development rather than being marketed as approved treatments.