HC Wainwright Trims Erasca (NASDAQ:ERAS) Target Price to $5.00

Erasca (NASDAQ:ERAS) had its price target decreased by HC Wainwright from $8.00 to $5.00 in a research report sent to investors on Monday morning, Benzinga reports. HC Wainwright currently has a buy rating on the stock. HC Wainwright also issued estimates for Erasca’s Q2 2024 earnings at ($0.15) EPS, Q3 2024 earnings at ($0.15) EPS, Q4 2024 earnings at ($0.15) EPS, FY2024 earnings at ($0.66) EPS, FY2025 earnings at ($0.60) EPS, FY2026 earnings at ($0.63) EPS, FY2027 earnings at ($0.62) EPS and FY2028 earnings at ($0.46) EPS.

Other analysts have also issued research reports about the stock. Capital One Financial reiterated an overweight rating and set a $8.00 price target on shares of Erasca in a research report on Monday, March 11th. The Goldman Sachs Group lifted their price target on Erasca from $6.00 to $7.00 and gave the company a buy rating in a research note on Tuesday, April 2nd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $7.33.

Erasca Price Performance

Erasca stock opened at $2.44 on Monday. The firm has a market cap of $423.00 million, a PE ratio of -2.90 and a beta of 1.06. The stock’s fifty day moving average price is $2.06 and its two-hundred day moving average price is $2.02. Erasca has a one year low of $1.51 and a one year high of $3.38.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). Sell-side analysts expect that Erasca will post -0.96 earnings per share for the current fiscal year.

Insider Transactions at Erasca

In other news, Director Alexander W. Casdin acquired 80,000 shares of Erasca stock in a transaction that occurred on Tuesday, May 21st. The shares were acquired at an average price of $2.27 per share, for a total transaction of $181,600.00. Following the transaction, the director now directly owns 573,974 shares of the company’s stock, valued at approximately $1,302,920.98. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 21.50% of the company’s stock.

Hedge Funds Weigh In On Erasca

Large investors have recently modified their holdings of the business. CVI Holdings LLC acquired a new stake in Erasca in the first quarter valued at $3,000,000. Vanguard Group Inc. increased its stake in shares of Erasca by 14.4% in the first quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock valued at $8,937,000 after buying an additional 545,765 shares during the period. Armistice Capital LLC raised its position in shares of Erasca by 6.4% during the third quarter. Armistice Capital LLC now owns 8,356,000 shares of the company’s stock worth $16,461,000 after acquiring an additional 500,000 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Erasca by 286.5% during the first quarter. Acadian Asset Management LLC now owns 346,953 shares of the company’s stock worth $713,000 after acquiring an additional 257,174 shares during the last quarter. Finally, Pennant Investors LP bought a new stake in Erasca in the fourth quarter valued at approximately $354,000. Institutional investors 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.