Erasca (NASDAQ:ERAS) Price Target Cut to $3.00 by Analysts at The Goldman Sachs Group

Erasca (NASDAQ:ERAS) had its price target cut by The Goldman Sachs Group from $3.50 to $3.00 in a research report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently commented on ERAS. Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a research note on Tuesday, January 7th. HC Wainwright restated a “buy” rating and set a $6.00 price target on shares of Erasca in a research note on Friday. Finally, Morgan Stanley restated an “overweight” rating and set a $4.00 price target on shares of Erasca in a research note on Friday, March 7th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $4.80.

Erasca Trading Up 3.4 %

Shares of NASDAQ ERAS opened at $1.53 on Friday. Erasca has a twelve month low of $1.23 and a twelve month high of $3.45. The stock has a 50 day moving average of $1.63 and a two-hundred day moving average of $2.37. The stock has a market cap of $432.57 million, a P/E ratio of -1.84 and a beta of 1.22.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Wednesday, March 26th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.01. During the same period in the previous year, the firm posted ($0.20) EPS. As a group, research analysts predict that Erasca will post -0.73 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Barclays PLC grew its holdings in Erasca by 627.5% during the third quarter. Barclays PLC now owns 343,930 shares of the company’s stock worth $939,000 after acquiring an additional 296,657 shares during the period. Geode Capital Management LLC grew its holdings in Erasca by 36.0% in the third quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock valued at $12,295,000 after purchasing an additional 1,190,807 shares during the last quarter. State Street Corp grew its holdings in Erasca by 145.2% in the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock valued at $16,455,000 after purchasing an additional 3,569,440 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Erasca in the third quarter valued at $994,000. Finally, Fred Alger Management LLC acquired a new stake in Erasca in the third quarter valued at $630,000. Institutional investors and hedge funds 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.