Erasca (NASDAQ:ERAS) Price Target Increased to $6.00 by Analysts at HC Wainwright

Erasca (NASDAQ:ERAS) had its price target lifted by equities research analysts at HC Wainwright from $5.00 to $6.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price objective indicates a potential upside of 127.27% from the stock’s current price.

Separately, The Goldman Sachs Group dropped their price target on Erasca from $7.00 to $4.00 and set a “buy” rating on the stock in a research note on Tuesday, May 28th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $6.20.

Erasca Stock Up 1.9 %

Erasca stock traded up $0.05 during trading hours on Tuesday, hitting $2.64. The stock had a trading volume of 1,149,084 shares, compared to its average volume of 1,509,881. The stock has a market cap of $457.67 million, a price-to-earnings ratio of -3.12 and a beta of 1.17. Erasca has a one year low of $1.51 and a one year high of $3.45. The business’s 50 day simple moving average is $2.58 and its 200-day simple moving average is $2.26.

Insider Buying and Selling

In related news, Director Alexander W. Casdin purchased 80,000 shares of Erasca stock in a transaction that occurred on Tuesday, May 21st. The shares were acquired at an average cost of $2.27 per share, for a total transaction of $181,600.00. Following the transaction, the director now directly owns 573,974 shares in the company, valued at $1,302,920.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Erasca

Several hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC grew its holdings in shares of Erasca by 286.5% in 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 period. CVI Holdings LLC purchased a new stake in shares of Erasca during the 1st quarter valued at $3,000,000. Sierra Summit Advisors LLC purchased a new position in Erasca in the 4th quarter worth $225,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Erasca during the 1st quarter valued at about $216,000. Finally, Bailard Inc. purchased a new position in shares of Erasca during the 4th quarter valued at about $106,000. 67.78% of the stock is currently owned by institutional investors.

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.