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

Erasca (NASDAQ:ERAS) had its price objective lowered by investment analysts at Mizuho from $28.00 to $26.00 in a research report issued to clients and investors on Tuesday, MarketBeat reports. The firm presently has an “outperform” rating on the stock. Mizuho’s price objective suggests a potential upside of 148.57% from the stock’s current price.

A number of other analysts also recently weighed in on ERAS. Piper Sandler increased their price objective on Erasca from $11.00 to $18.00 and gave the company an “overweight” rating in a report on Friday, March 13th. Stifel Nicolaus increased their price objective on Erasca from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, April 27th. HC Wainwright increased their price objective on Erasca from $15.00 to $20.00 and gave the company a “buy” rating in a report on Friday, March 13th. JPMorgan Chase & Co. increased their price objective on Erasca from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Wednesday, March 18th. Finally, Guggenheim increased their price objective on Erasca from $12.00 to $20.00 and gave the company a “buy” rating in a report on Monday, March 16th. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $18.75.

Erasca Stock Performance

Shares of ERAS opened at $10.46 on Tuesday. Erasca has a 52 week low of $1.06 and a 52 week high of $24.28. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of -11.25 and a beta of 0.68. The stock has a fifty day moving average of $15.41 and a 200-day moving average of $9.51.

Erasca (NASDAQ:ERAS) last announced 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). As a group, equities analysts forecast that Erasca will post -0.51 EPS for the current year.

Insider Activity

In other news, insider Ebun Garner sold 80,000 shares of Erasca 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 completion of the transaction, the insider directly owned 25,076 shares of the company’s stock, valued at approximately $411,246.40. This trade represents a 76.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Shannon Morris sold 20,000 shares of Erasca stock in a transaction dated 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. Company insiders own 14.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ERAS. AQR Capital Management LLC raised its position in shares of Erasca by 594.8% in the 1st quarter. AQR Capital Management LLC now owns 396,202 shares of the company’s stock worth $543,000 after acquiring an additional 339,177 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Erasca by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 4,835,642 shares of the company’s stock valued at $6,143,000 after buying an additional 77,790 shares during the period. Creative Planning grew its stake in shares of Erasca by 423.3% in the 2nd quarter. Creative Planning now owns 244,332 shares of the company’s stock valued at $310,000 after buying an additional 197,637 shares during the period. New York State Common Retirement Fund grew its stake in shares of Erasca by 39.1% in the 2nd quarter. New York State Common Retirement Fund now owns 37,360 shares of the company’s stock valued at $47,000 after buying an additional 10,501 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Erasca by 51.6% in the 2nd quarter. Invesco Ltd. now owns 172,226 shares of the company’s stock valued at $219,000 after buying an additional 58,643 shares during the period. 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.