Mizuho Issues Pessimistic Forecast for Erasca (NASDAQ:ERAS) Stock Price

Erasca (NASDAQ:ERAS) had its price target lowered by analysts at Mizuho from $28.00 to $26.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s target price indicates a potential upside of 149.04% from the stock’s current price.

Other analysts have also recently issued reports about the company. Guggenheim upped their target price on Erasca from $12.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, March 16th. Stifel Nicolaus lifted their price target on Erasca from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. HC Wainwright boosted their price objective on Erasca from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 13th. JPMorgan Chase & Co. raised their target price on shares of Erasca from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 18th. Finally, Morgan Stanley set a $10.00 target price on shares of Erasca in a report on Monday, January 26th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Erasca has a consensus rating of “Moderate Buy” and a consensus target price of $18.75.

Erasca Price Performance

Shares of NASDAQ:ERAS opened at $10.44 on Tuesday. Erasca has a 12 month low of $1.06 and a 12 month 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 company’s fifty day moving average price is $15.55 and its 200 day moving average price is $9.40.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.50). On average, sell-side analysts anticipate that Erasca will post -0.51 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Erasca

Hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC boosted its position in Erasca by 594.8% during the 1st quarter. AQR Capital Management LLC now owns 396,202 shares of the company’s stock worth $543,000 after purchasing an additional 339,177 shares during the period. Geode Capital Management LLC lifted its stake in shares of Erasca by 1.6% during the second quarter. Geode Capital Management LLC now owns 4,835,642 shares of the company’s stock worth $6,143,000 after purchasing an additional 77,790 shares in the last quarter. Creative Planning grew its stake in shares of Erasca by 423.3% in the second quarter. Creative Planning now owns 244,332 shares of the company’s stock valued at $310,000 after buying an additional 197,637 shares in the last quarter. New York State Common Retirement Fund raised its stake in shares of Erasca by 39.1% during the second quarter. New York State Common Retirement Fund now owns 37,360 shares of the company’s stock valued at $47,000 after purchasing an additional 10,501 shares during the period. Finally, Invesco Ltd. grew its stake in Erasca by 51.6% in the second quarter. Invesco Ltd. now owns 172,226 shares of the company’s stock worth $219,000 after purchasing an additional 58,643 shares in the last quarter. Hedge funds and other institutional investors own 67.78% of the company’s stock.

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.