Q2 2024 EPS Estimates for Erasca, Inc. (NASDAQ:ERAS) Increased by Analyst

Erasca, Inc. (NASDAQ:ERAS) – Equities researchers at HC Wainwright upped their Q2 2024 earnings per share (EPS) estimates for Erasca in a research note issued to investors on Monday, May 20th. HC Wainwright analyst A. Maldonado now anticipates that the company will post earnings of ($0.15) per share for the quarter, up from their previous forecast of ($0.24). HC Wainwright has a “Buy” rating and a $5.00 price objective on the stock. The consensus estimate for Erasca’s current full-year earnings is ($0.96) per share. HC Wainwright also issued estimates for Erasca’s Q3 2024 earnings at ($0.15) EPS, Q4 2024 earnings at ($0.15) EPS, FY2024 earnings at ($0.66) EPS, FY2025 earnings at ($0.60) EPS, FY2026 earnings at ($0.63) EPS, FY2027 earnings at ($0.62) EPS and FY2028 earnings at ($0.46) EPS.

A number of other research analysts have also recently commented on ERAS. Capital One Financial reaffirmed an “overweight” rating and set a $8.00 target price on shares of Erasca in a research note on Monday, March 11th. The Goldman Sachs Group upped their target price on Erasca from $6.00 to $7.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.33.

Erasca Price Performance

Shares of NASDAQ ERAS opened at $2.35 on Wednesday. The business’s 50 day moving average is $2.05 and its two-hundred day moving average is $2.02. Erasca has a 1-year low of $1.51 and a 1-year high of $3.38.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.02).

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ERAS. Acadian Asset Management LLC lifted its holdings in 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 buying an additional 257,174 shares during the period. Vanguard Group Inc. lifted its holdings in Erasca by 14.4% during the first quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock worth $8,937,000 after buying an additional 545,765 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in Erasca during the first quarter worth $216,000. CVI Holdings LLC purchased a new stake in Erasca during the first quarter worth $3,000,000. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in Erasca by 66.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 29,013 shares of the company’s stock worth $60,000 after buying an additional 11,541 shares during the period. 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.