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

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

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

Erasca Price Performance

Shares of ERAS opened at $1.53 on Friday. The firm has a 50-day simple moving average of $1.63 and a two-hundred day simple moving average of $2.36. The stock has a market cap of $432.57 million, a PE ratio of -1.84 and a beta of 1.22. Erasca has a 1-year low of $1.23 and a 1-year high of $3.45.

Erasca (NASDAQ:ERAS) last posted its earnings results on Wednesday, March 26th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.01. During the same quarter last year, the company posted ($0.20) earnings per share. As a group, sell-side analysts expect that Erasca will post -0.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System lifted its position in shares of 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 purchasing an additional 11,385 shares during the last quarter. Mackenzie Financial Corp acquired a new position in shares of Erasca in the 4th quarter valued at $28,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Erasca by 22.2% in 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 valued at $1,116,000 after buying an additional 80,684 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Erasca during the 4th quarter worth $126,000. Finally, Tang Capital Management LLC lifted its position in Erasca by 19.9% in the fourth quarter. Tang Capital Management LLC now owns 602,915 shares of the company’s stock valued at $1,513,000 after acquiring an additional 100,000 shares during the last quarter. 67.78% of the stock is owned by institutional investors and hedge funds.

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.