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

Erasca (NASDAQ:ERAS - Get Free Report) had its price objective lifted by research analysts at The Goldman Sachs Group from $3.00 to $3.50 in a report issued on Friday, Benzinga reports. The firm presently has a "buy" rating on the stock. The Goldman Sachs Group's price target suggests a potential upside of 32.58% from the company's current price.

Separately, HC Wainwright reaffirmed a "buy" rating and set a $6.00 target price on shares of Erasca in a research note on Friday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $6.10.

Erasca Stock Performance

Shares of Erasca stock traded up $0.06 on Friday, reaching $2.64. 1,000,506 shares of the stock were exchanged, compared to its average volume of 1,613,688. Erasca has a one year low of $1.51 and a one year high of $3.45. The firm has a market cap of $457.67 million, a PE ratio of -3.21 and a beta of 1.16. The firm's 50 day moving average is $2.77 and its 200-day moving average is $2.52.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.12). On average, equities research analysts expect that Erasca will post -0.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Erasca

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Federated Hermes Inc. bought a new position in shares of Erasca in the second quarter worth approximately $31,000. Sei Investments Co. bought a new position in shares of Erasca during the second quarter valued at about $39,000. Victory Capital Management Inc. boosted its stake in shares of Erasca by 82.2% during the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company's stock valued at $51,000 after purchasing an additional 9,689 shares during the period. Creative Planning grew its holdings in Erasca by 23.0% in the 3rd quarter. Creative Planning now owns 20,014 shares of the company's stock worth $55,000 after acquiring an additional 3,737 shares during the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC increased its position in shares of Erasca by 41.2% in the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company's stock valued at $81,000 after acquiring an additional 10,000 shares during the period. Hedge funds and other institutional investors 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.