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

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

ERAS has been the topic of a number of other reports. Morgan Stanley restated an “overweight” rating and set a $4.00 target price on shares of Erasca in a research report on Friday, March 7th. HC Wainwright reissued a “buy” rating and issued a $6.00 price objective on shares of Erasca in a report on Friday. Finally, Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a research report on Tuesday, January 7th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Erasca presently has an average rating of “Buy” and an average target price of $4.80.

Erasca Trading Up 3.4 %

Shares of NASDAQ:ERAS opened at $1.53 on Friday. The company has a market capitalization of $432.57 million, a PE ratio of -1.84 and a beta of 1.22. Erasca has a 12-month low of $1.23 and a 12-month high of $3.45. The business has a 50 day moving average of $1.63 and a two-hundred day moving average of $2.36.

Erasca (NASDAQ:ERAS) last posted its earnings results on Wednesday, March 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.01. During the same quarter last year, the firm earned ($0.20) earnings per share. Equities research analysts predict that Erasca will post -0.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Barclays PLC raised its holdings in shares of Erasca by 627.5% during the third quarter. Barclays PLC now owns 343,930 shares of the company’s stock valued at $939,000 after acquiring an additional 296,657 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Erasca by 36.0% during the third quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock worth $12,295,000 after purchasing an additional 1,190,807 shares in the last quarter. State Street Corp increased its position in shares of Erasca by 145.2% during the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock worth $16,455,000 after purchasing an additional 3,569,440 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Erasca in the 3rd quarter valued at $994,000. Finally, Fred Alger Management LLC purchased a new position in Erasca in the 3rd quarter valued at $630,000. 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.