Erasca (NASDAQ:ERAS) Price Target Raised to $3.50 at The Goldman Sachs Group

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

Separately, HC Wainwright restated a “buy” rating and set a $6.00 price target on shares of Erasca in a research report on Friday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $6.10.

Erasca Price Performance

ERAS stock traded up $0.06 during trading on Friday, hitting $2.64. The stock had a trading volume of 1,000,535 shares, compared to its average volume of 1,613,688. The company’s 50-day moving average price is $2.77 and its two-hundred day moving average price is $2.52. Erasca has a twelve month low of $1.51 and a twelve month high of $3.45. The stock has a market capitalization of $457.67 million, a P/E ratio of -3.14 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.12). As a group, sell-side analysts expect that Erasca will post -0.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake 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 purchasing an additional 545,765 shares during the period. Acadian Asset Management LLC raised its position in shares of Erasca by 286.5% during the 1st quarter. Acadian Asset Management LLC now owns 346,953 shares of the company’s stock valued at $713,000 after buying an additional 257,174 shares during the period. CVI Holdings LLC acquired a new position in Erasca in the first quarter valued at approximately $3,000,000. The Manufacturers Life Insurance Company grew its position in Erasca by 27.0% in the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock worth $113,000 after acquiring an additional 10,164 shares during the period. Finally, Sofinnova Investments Inc. purchased a new position in Erasca in the second quarter worth approximately $4,011,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

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.