The Goldman Sachs Group Issues Pessimistic Forecast for Erasca (NASDAQ:ERAS) Stock Price

Erasca (NASDAQ:ERAS) had its price target dropped by equities researchers at The Goldman Sachs Group from $3.50 to $3.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 96.08% from the stock’s current price.

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

Erasca Trading Up 3.4 %

Shares of ERAS opened at $1.53 on Friday. The company has a market cap of $432.57 million, a price-to-earnings 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’s fifty day simple moving average is $1.63 and its two-hundred day simple moving average is $2.36.

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

Hedge Funds Weigh In On Erasca

Several institutional investors and hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System lifted its position in Erasca by 7.1% during the fourth quarter. California State Teachers Retirement System now owns 171,821 shares of the company’s stock valued at $431,000 after purchasing an additional 11,385 shares in the last quarter. Mackenzie Financial Corp purchased a new position in Erasca during the fourth quarter valued at $28,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Erasca by 22.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 444,769 shares of the company’s stock valued at $1,116,000 after acquiring an additional 80,684 shares during the period. Squarepoint Ops LLC purchased a new position in shares of Erasca in the fourth quarter valued at about $126,000. Finally, Tang Capital Management LLC boosted its stake in shares of Erasca by 19.9% in the fourth quarter. Tang Capital Management LLC now owns 602,915 shares of the company’s stock worth $1,513,000 after acquiring an additional 100,000 shares during the period. 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.