The Goldman Sachs Group Has Lowered Expectations for Erasca (NASDAQ:ERAS) Stock Price

Erasca (NASDAQ:ERAS) had its price objective decreased by equities researchers at The Goldman Sachs Group from $3.50 to $3.00 in a research report issued to clients and investors 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 company’s current price.

A number of other research analysts also recently weighed in on ERAS. Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a report on Tuesday, January 7th. 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. Finally, HC Wainwright reaffirmed a “buy” rating and set a $6.00 price objective on shares of Erasca in a research report on Friday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $4.80.

Erasca Price Performance

Shares of NASDAQ:ERAS opened at $1.53 on Friday. Erasca has a 1 year low of $1.23 and a 1 year high of $3.45. The stock’s 50-day moving average is $1.63 and its 200 day moving average is $2.36. The company has a market cap of $432.57 million, a PE ratio of -1.84 and a beta of 1.22.

Erasca (NASDAQ:ERAS) last posted its 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 in the previous year, the company posted ($0.20) EPS. Analysts expect that Erasca will post -0.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ERAS. AXQ Capital LP bought a new position in Erasca during the 4th quarter valued at approximately $27,000. Mackenzie Financial Corp purchased a new stake in Erasca during the 4th quarter valued at $28,000. Neuberger Berman Group LLC purchased a new stake in Erasca during the 4th quarter valued at $33,000. Brevan Howard Capital Management LP purchased a new stake in Erasca during the 4th quarter valued at $41,000. Finally, Cibc World Markets Corp purchased a new stake in Erasca during the 4th quarter valued at $43,000. Institutional investors own 67.78% of the company’s stock.

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.