Erasca (NASDAQ:ERAS) Price Target Raised to $18.00 at Bank of America

Erasca (NASDAQ:ERAS) had its price target lifted by investment analysts at Bank of America from $16.00 to $18.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price objective suggests a potential downside of 7.95% from the company’s current price.

A number of other research firms have also recently issued reports on ERAS. Mizuho lowered their target price on Erasca from $28.00 to $26.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Wall Street Zen lowered shares of Erasca from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. JPMorgan Chase & Co. upped their price target on shares of Erasca from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Wednesday, March 18th. Guggenheim boosted their price target on Erasca from $12.00 to $20.00 and gave the company a “buy” rating in a report on Monday, March 16th. Finally, Wolfe Research set a $16.00 price objective on Erasca in a report on Thursday, June 4th. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

Erasca Stock Performance

NASDAQ:ERAS traded up $1.66 on Tuesday, reaching $19.55. The company’s stock had a trading volume of 1,962,112 shares, compared to its average volume of 6,555,927. Erasca has a 1-year low of $1.33 and a 1-year high of $24.28. The business’s 50-day moving average price is $13.80 and its two-hundred day moving average price is $12.98. The firm has a market cap of $6.08 billion, a PE ratio of -20.97 and a beta of 0.66.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.48). As a group, sell-side analysts expect that Erasca will post -0.55 EPS for the current year.

Hedge Funds Weigh In On Erasca

Hedge funds and other institutional investors have recently bought and sold shares of the business. VR Adviser LLC increased its position in Erasca by 10.1% during the second quarter. VR Adviser LLC now owns 17,857,083 shares of the company’s stock worth $22,678,000 after buying an additional 1,640,867 shares during the last quarter. Paradigm Biocapital Advisors LP lifted its position in shares of Erasca by 4.4% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 14,159,095 shares of the company’s stock valued at $52,672,000 after buying an additional 599,078 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Erasca by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,811,832 shares of the company’s stock worth $27,930,000 after acquiring an additional 116,235 shares during the period. Vivo Capital LLC boosted its stake in shares of Erasca by 31.0% during the 1st quarter. Vivo Capital LLC now owns 12,151,480 shares of the company’s stock worth $196,611,000 after acquiring an additional 2,878,052 shares during the period. Finally, Siren L.L.C. increased its holdings in shares of Erasca by 28.4% during the 1st quarter. Siren L.L.C. now owns 11,244,246 shares of the company’s stock worth $181,932,000 after acquiring an additional 2,486,997 shares during the last quarter. Institutional investors own 67.78% of the company’s stock.

Erasca News Roundup

Here are the key news stories impacting Erasca this week:

• Positive Sentiment: Erasca released updated preliminary Phase 1 data for its pan-RAS molecular glue ERAS-0015, highlighting encouraging monotherapy responses in KRAS G12X pancreatic cancer and saying the program is moving toward registration-enabling plans. Article Title
• Neutral Sentiment: The company priced an upsized public offering of 31.4 million shares at $17.50 per share, with expected gross proceeds of about $550 million, which should strengthen the balance sheet but also adds dilution. Article Title
• Neutral Sentiment: Multiple legal outlets reminded investors of the pending securities class action and August 10 lead-plaintiff deadline, keeping litigation overhangs in focus. Article Title
• Negative Sentiment: The stock is also being weighed by ongoing allegations tied to a prior patient death, patent-infringement disputes, and related securities-class-action claims, which increase headline risk for investors. Article Title

Erasca Company Profile

Erasca, Inc is a clinical?stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene?driven and immuno?oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.