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

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

A number of other research analysts also recently commented on the stock. Morgan Stanley reaffirmed an "overweight" rating and issued a $4.00 target price on shares of Erasca in a research report on Friday, March 7th. HC Wainwright reaffirmed a "buy" rating and set a $6.00 price objective on shares of Erasca in a report on Friday. Finally, Bank of America raised Erasca from a "neutral" rating to a "buy" rating and set a $5.00 target price for the company in a report on Tuesday, January 7th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Erasca presently has an average rating of "Buy" and an average target price of $4.80.

Erasca Stock Down 0.7 %

NASDAQ ERAS traded down $0.01 on Friday, hitting $1.48. 1,008,854 shares of the stock were exchanged, compared to its average volume of 1,736,637. The company has a market cap of $418.44 million, a PE ratio of -1.78 and a beta of 1.22. The company has a 50-day moving average price of $1.61 and a 200-day moving average price of $2.34. Erasca has a fifty-two week low of $1.23 and a fifty-two week high of $3.45.

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Erasca (NASDAQ:ERAS - Get Free Report) last posted its earnings results on Thursday, March 20th. The company reported ($0.11) earnings per share 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, equities research analysts predict that Erasca will post -0.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ERAS. AXQ Capital LP acquired a new stake in shares of Erasca during the fourth quarter worth $27,000. Mackenzie Financial Corp acquired a new stake in shares of Erasca in the 4th quarter worth $28,000. Neuberger Berman Group LLC purchased a new stake in shares of Erasca in the fourth quarter valued at about $33,000. Brevan Howard Capital Management LP acquired a new position in shares of Erasca during the fourth quarter worth about $41,000. Finally, Cibc World Markets Corp purchased a new position in Erasca during the fourth quarter worth about $43,000. 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.