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

Erasca (NASDAQ:ERAS) had its price target decreased by equities researchers at The Goldman Sachs Group from $3.50 to $3.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 92.93% from the stock’s previous close.

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

Erasca Stock Performance

ERAS stock traded up $0.08 during trading on Friday, reaching $1.56. 367,875 shares of the company were exchanged, compared to its average volume of 1,688,845. Erasca has a 52-week low of $1.23 and a 52-week high of $3.45. The company has a market cap of $439.64 million, a P/E ratio of -1.87 and a beta of 1.22. The stock’s 50 day moving average price is $1.65 and its 200 day moving average price is $2.38.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Wednesday, March 26th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.01. During the same period last year, the firm posted ($0.20) earnings per share. As a group, equities research analysts forecast that Erasca will post -0.73 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. raised its holdings in shares of Erasca by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 59,949 shares of the company’s stock worth $150,000 after purchasing an additional 5,614 shares during the period. New York State Common Retirement Fund raised its holdings in Erasca by 42.4% in the fourth quarter. New York State Common Retirement Fund now owns 26,859 shares of the company’s stock valued at $67,000 after buying an additional 8,000 shares during the period. MetLife Investment Management LLC lifted its position in Erasca by 8.7% during the fourth quarter. MetLife Investment Management LLC now owns 112,725 shares of the company’s stock valued at $283,000 after buying an additional 9,039 shares in the last quarter. Hsbc Holdings PLC grew its stake in Erasca by 57.3% during the fourth quarter. Hsbc Holdings PLC now owns 28,714 shares of the company’s stock worth $73,000 after buying an additional 10,458 shares during the period. Finally, AXQ Capital LP purchased a new stake in Erasca during the 4th quarter worth $27,000. 67.78% of the stock is 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.