Erasca (NASDAQ:ERAS) Price Target Raised to $18.00

Erasca (NASDAQ:ERAS) had its price target boosted by Bank of America from $16.00 to $18.00 in a research report released on Tuesday,Benzinga reports. The firm currently has a neutral rating on the stock.

ERAS has been the topic of a number of other reports. JPMorgan Chase & Co. boosted their price objective on Erasca from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Wednesday, March 18th. Stifel Nicolaus raised their target price on Erasca from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Mizuho lowered their target price on Erasca from $28.00 to $26.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Erasca in a research note on Thursday, June 11th. Finally, HSBC set a $20.00 price target on Erasca in a report on Tuesday. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Erasca presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.64.

Erasca Stock Down 10.5%

ERAS stock opened at $19.02 on Tuesday. The firm has a market cap of $5.91 billion, a price-to-earnings ratio of -20.45 and a beta of 0.66. Erasca has a 12-month low of $1.33 and a 12-month high of $24.28. The company’s fifty day simple moving average is $14.37 and its 200 day simple moving average is $13.33.

Erasca (NASDAQ:ERAS) last issued 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). Research analysts expect that Erasca will post -0.55 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its holdings in Erasca by 58.0% during the second 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 in the last quarter. EP Wealth Advisors LLC bought a new position in Erasca during the 2nd quarter valued at $29,000. Russell Investments Group Ltd. bought a new position in Erasca during the 3rd quarter valued at $31,000. EntryPoint Capital LLC purchased a new position in Erasca during the 4th quarter worth $38,000. Finally, Stifel Financial Corp purchased a new position in Erasca during the 4th quarter worth $38,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Trending Headlines about Erasca

Here are the key news stories impacting Erasca this week:

• Positive Sentiment: Erasca said its updated preliminary Phase 1 data for ERAS-0015, its pan-RAS molecular glue for KRAS-mutant cancers, support plans to move toward registration-enabling development, reinforcing the view that the drug could be a potentially best-in-class oncology asset. Article Title
• Positive Sentiment: The company also closed an upsized public offering, raising about $632.5 million in gross proceeds, which significantly strengthens its balance sheet and should help fund ongoing oncology development. Article Title
• Neutral Sentiment: One market note said the stock surged on encouraging cancer trial results, and another questioned whether the valuation has already run ahead of the fundamentals, suggesting investors are still debating how much upside the data justifies. Article Title
• Negative Sentiment: At the same time, multiple law firms issued class-action and deadline alerts over allegations that Erasca misled investors about ERAS-0015’s competitive position, safety profile, patent risk, and preclinical comparisons, keeping legal overhang front and center. Article Title
• Negative Sentiment: Those lawsuit updates likely add pressure because they reinforce concerns tied to the earlier patent-infringement dispute and a reported patient death after treatment with ERAS-0015, which had already triggered a sharp selloff earlier in the week. 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.