The Goldman Sachs Group Lowers Erasca (NASDAQ:ERAS) Price Target to $3.00

Erasca (NASDAQ:ERAS) had its price target trimmed by The Goldman Sachs Group from $3.50 to $3.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also commented on ERAS. Morgan Stanley reaffirmed an “overweight” rating and set a $4.00 price objective on shares of Erasca in a research note on Friday, March 7th. Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a research report on Tuesday, January 7th. Finally, HC Wainwright reiterated a “buy” rating and set a $6.00 target price on shares of Erasca in a research report on Friday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $4.80.

Erasca Stock Up 3.4 %

ERAS opened at $1.53 on Friday. The firm has a market cap of $432.57 million, a P/E ratio of -1.84 and a beta of 1.22. Erasca has a 52 week low of $1.23 and a 52 week high of $3.45. The business’s fifty day simple moving average is $1.63 and its 200 day simple moving average is $2.37.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Wednesday, March 26th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01. During the same period last year, the business posted ($0.20) EPS. As a group, equities analysts expect that Erasca will post -0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Erasca

A number of large investors have recently modified their holdings of ERAS. California State Teachers Retirement System lifted its position in Erasca by 7.1% during the 4th quarter. California State Teachers Retirement System now owns 171,821 shares of the company’s stock worth $431,000 after acquiring an additional 11,385 shares in the last quarter. Mackenzie Financial Corp purchased a new stake in Erasca during the 4th quarter worth approximately $28,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Erasca by 22.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 444,769 shares of the company’s stock worth $1,116,000 after purchasing an additional 80,684 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Erasca during the 4th quarter worth approximately $126,000. Finally, Tang Capital Management LLC increased its holdings in Erasca by 19.9% during the 4th quarter. Tang Capital Management LLC now owns 602,915 shares of the company’s stock worth $1,513,000 after purchasing an additional 100,000 shares during the last quarter. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

About Erasca

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.