HC Wainwright Issues Optimistic Forecast for Erasca Earnings

Erasca, Inc. (NASDAQ:ERAS) – Analysts at HC Wainwright raised their FY2024 earnings per share estimates for Erasca in a report released on Wednesday, November 13th. HC Wainwright analyst A. Maldonado now expects that the company will post earnings per share of ($0.70) for the year, up from their previous estimate of ($0.89). HC Wainwright has a “Buy” rating and a $6.00 price objective on the stock. The consensus estimate for Erasca’s current full-year earnings is ($0.82) per share. HC Wainwright also issued estimates for Erasca’s Q4 2024 earnings at ($0.12) EPS, Q1 2025 earnings at ($0.12) EPS, Q2 2025 earnings at ($0.13) EPS, Q3 2025 earnings at ($0.13) EPS, Q4 2025 earnings at ($0.14) EPS, FY2025 earnings at ($0.52) EPS, FY2026 earnings at ($0.55) EPS, FY2027 earnings at ($0.51) EPS and FY2028 earnings at ($0.32) EPS.

Separately, The Goldman Sachs Group boosted their target price on shares of Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $6.10.

Erasca Stock Down 5.0 %

NASDAQ:ERAS opened at $2.67 on Monday. The business’s 50-day simple moving average is $2.78 and its two-hundred day simple moving average is $2.62. Erasca has a 52 week low of $1.51 and a 52 week high of $3.45. The stock has a market cap of $754.89 million, a PE ratio of -3.22 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.06.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Erasca by 14.4% during the first quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock valued at $8,937,000 after buying an additional 545,765 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Erasca by 286.5% during the first quarter. Acadian Asset Management LLC now owns 346,953 shares of the company’s stock worth $713,000 after purchasing an additional 257,174 shares during the period. Edmonds Duncan Registered Investment Advisors LLC raised its holdings in shares of Erasca by 41.2% during the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock worth $81,000 after purchasing an additional 10,000 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Erasca by 50.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 392,490 shares of the company’s stock worth $926,000 after purchasing an additional 131,829 shares during the period. Finally, Rhumbline Advisers raised its holdings in Erasca by 27.2% in the 2nd quarter. Rhumbline Advisers now owns 154,615 shares of the company’s stock worth $365,000 after purchasing an additional 33,106 shares during the period. Hedge funds and other institutional investors 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.