Erasca (NASDAQ:ERAS) Price Target Cut to $26.00 by Analysts at Mizuho

Erasca (NASDAQ:ERAS) had its price objective decreased by equities research analysts at Mizuho from $28.00 to $26.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s price target would indicate a potential upside of 149.04% from the company’s previous close.

Other research analysts have also issued reports about the company. Guggenheim upped their price target on Erasca from $12.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, March 16th. JPMorgan Chase & Co. raised their price objective on shares of Erasca from $24.00 to $25.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 18th. Piper Sandler upped their target price on shares of Erasca from $11.00 to $18.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. Stifel Nicolaus increased their price target on shares of Erasca from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, April 27th. Finally, Citigroup restated a “buy” rating on shares of Erasca in a research report on Friday, March 13th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.75.

Erasca Trading Up 3.2%

Shares of NASDAQ:ERAS opened at $10.44 on Tuesday. Erasca has a 52 week low of $1.06 and a 52 week high of $24.28. The firm has a market capitalization of $3.25 billion, a P/E ratio of -23.73 and a beta of 0.68. The firm’s 50 day moving average is $15.55 and its two-hundred day moving average is $9.40.

Erasca (NASDAQ:ERAS) last announced its earnings results on Monday, May 11th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.50). Analysts predict that Erasca will post -0.51 EPS for the current year.

Insider Activity

In other news, insider Ebun Garner sold 80,000 shares of the business’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $16.40, for a total transaction of $1,312,000.00. Following the completion of the transaction, the insider directly owned 25,076 shares in the company, valued at approximately $411,246.40. The trade was a 76.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Shannon Morris sold 20,000 shares of the firm’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $15.04, for a total value of $300,800.00. The SEC filing for this sale provides additional information. Corporate insiders own 14.20% of the company’s stock.

Hedge Funds Weigh In On Erasca

Several large investors have recently modified their holdings of ERAS. BNP Paribas Financial Markets boosted its holdings in shares of Erasca by 58.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock worth $27,000 after buying an additional 7,923 shares during the period. EP Wealth Advisors LLC acquired a new position in Erasca during the 2nd quarter worth approximately $29,000. Russell Investments Group Ltd. bought a new position in Erasca in the 3rd quarter valued at approximately $31,000. SG Americas Securities LLC acquired a new stake in Erasca in the third quarter valued at approximately $32,000. Finally, EntryPoint Capital LLC bought a new stake in shares of Erasca during the fourth quarter worth $38,000. 67.78% of the stock is owned by institutional investors.

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.