Erasca (NASDAQ:ERAS) Issues Earnings Results

Key Points

• Erasca (NASDAQ:ERAS) reported quarterly earnings of ($0.12) EPS, which matches analysts' expectations.
• Institutional investors have significantly increased their stakes in Erasca, with Creative Planning raising its holdings by 423.3% in the second quarter.
• Analysts have a positive outlook on Erasca, with a consensus price target of $4.57 and multiple buy ratings from seven analysts.

Erasca (NASDAQ:ERAS - Get Free Report) announced its earnings results on Tuesday. The company reported ($0.12) EPS for the quarter, meeting the consensus estimate of ($0.12), Zacks reports.

Erasca Price Performance

Shares of Erasca stock traded up $0.07 during trading on Friday, reaching $1.64. 456,830 shares of the company traded hands, compared to its average volume of 796,286. The company has a 50 day moving average price of $1.48 and a 200-day moving average price of $1.43. Erasca has a 1-year low of $1.01 and a 1-year high of $3.31. The firm has a market capitalization of $465.22 million, a PE ratio of -3.64 and a beta of 1.07.

Hedge Funds Weigh In On Erasca

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ERAS. VR Adviser LLC boosted its stake in Erasca by 10.1% in the 2nd quarter. VR Adviser LLC now owns 17,857,083 shares of the company's stock worth $22,678,000 after purchasing an additional 1,640,867 shares in the last quarter. AQR Capital Management LLC lifted its position in Erasca by 594.8% in the first quarter. AQR Capital Management LLC now owns 396,202 shares of the company's stock worth $543,000 after buying an additional 339,177 shares during the last quarter. Creative Planning increased its stake in Erasca by 423.3% in the second quarter. Creative Planning now owns 244,332 shares of the company's stock worth $310,000 after purchasing an additional 197,637 shares during the period. Jane Street Group LLC bought a new position in shares of Erasca during the 2nd quarter worth $168,000. Finally, Brevan Howard Capital Management LP purchased a new position in Erasca in the second quarter valued at about $156,000. Institutional investors own 67.78% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ERAS. HC Wainwright reissued a "buy" rating and set a $6.00 price objective on shares of Erasca in a report on Wednesday, April 30th. Guggenheim set a $3.00 target price on Erasca and gave the stock a "buy" rating in a report on Wednesday, May 14th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Erasca has a consensus rating of "Buy" and an average price target of $4.57.

Erasca Company Profile

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.