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

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

Separately, HC Wainwright restated a “buy” rating and issued a $6.00 target price on shares of Erasca in a report on Friday. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $6.10.

Erasca Stock Up 2.3 %

ERAS stock opened at $2.64 on Friday. The company has a market capitalization of $745.80 million, a price-to-earnings ratio of -2.87 and a beta of 1.16. The firm has a 50 day moving average of $2.77 and a two-hundred day moving average of $2.53. Erasca has a 12 month low of $1.51 and a 12 month high of $3.45.

Erasca (NASDAQ:ERAS) last posted its earnings results 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, research analysts expect that Erasca will post -0.91 EPS for the current fiscal year.

Institutional Trading of Erasca

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Frazier Life Sciences Management L.P. bought a new stake in shares of Erasca in the second quarter valued at approximately $38,270,000. Logos Global Management LP bought a new stake in Erasca in the 2nd quarter valued at $13,924,000. Vanguard Group Inc. boosted its holdings in Erasca by 14.4% in the 1st quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock valued at $8,937,000 after purchasing an additional 545,765 shares during the period. Marshall Wace LLP acquired a new stake in Erasca in the 2nd quarter worth $8,667,000. Finally, Affinity Asset Advisors LLC bought a new position in shares of Erasca during the 2nd quarter worth about $5,899,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

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.