Guggenheim Issues Positive Forecast for Erasca (NASDAQ:ERAS) Stock Price

Erasca (NASDAQ:ERAS) had its price target raised by investment analysts at Guggenheim from $12.00 to $20.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price objective suggests a potential upside of 46.84% from the stock’s current price.

Several other research firms have also commented on ERAS. HC Wainwright boosted their price objective on Erasca from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday. Morgan Stanley set a $10.00 target price on Erasca in a research report on Monday, January 26th. Stifel Nicolaus set a $20.00 price target on Erasca in a research note on Tuesday, March 10th. Mizuho increased their price objective on Erasca from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Piper Sandler raised their price objective on Erasca from $11.00 to $18.00 and gave the company an “overweight” rating in a report on Friday. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $12.89.

Erasca Stock Down 7.0%

Shares of NASDAQ ERAS opened at $13.62 on Monday. The company’s 50-day simple moving average is $11.25 and its 200-day simple moving average is $5.62. Erasca has a 52-week low of $1.01 and a 52-week high of $16.41. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of -30.95 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last released its earnings results on Thursday, March 19th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. Equities research analysts anticipate that Erasca will post -0.73 EPS for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Ebun Garner sold 120,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $5.59, for a total value of $670,800.00. Following the completion of the sale, the general counsel directly owned 25,076 shares in the company, valued at $140,174.84. This represents a 82.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Shannon Morris sold 20,000 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $15.04, for a total value of $300,800.00. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 14.40% of the company’s stock.

Hedge Funds Weigh In On Erasca

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ERAS. EntryPoint Capital LLC purchased a new stake in Erasca in the 4th quarter valued at $38,000. Stifel Financial Corp purchased a new position in shares of Erasca during the 4th quarter worth $38,000. XTX Topco Ltd purchased a new position in shares of Erasca during the 4th quarter worth $40,000. Mariner LLC acquired a new position in shares of Erasca during the 4th quarter valued at about $40,000. Finally, Cibc World Markets Corp acquired a new position in shares of Erasca during the 4th quarter valued at about $43,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

About Erasca

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.