Spruce Street Capital LP purchased a new stake in Erasca, Inc. (NASDAQ:ERAS - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 422,543 shares of the company's stock, valued at approximately $7,740,988,000. Erasca accounts for 1.5% of Spruce Street Capital LP's portfolio, making the stock its 20th largest position. Spruce Street Capital LP owned 0.12% of Erasca as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Erasca in the second quarter valued at $387,544,000. VR Adviser LLC lifted its stake in shares of Erasca by 10.1% during the 2nd quarter. VR Adviser LLC now owns 17,857,083 shares of the company's stock worth $22,678,000 after buying an additional 1,640,867 shares during the last quarter. Paradigm Biocapital Advisors LP lifted its stake in shares of Erasca by 4.4% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 14,159,095 shares of the company's stock worth $52,672,000 after buying an additional 599,078 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Erasca by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,811,832 shares of the company's stock worth $27,930,000 after buying an additional 116,235 shares during the period. Finally, Vivo Capital LLC boosted its holdings in shares of Erasca by 31.0% during the 1st quarter. Vivo Capital LLC now owns 12,151,480 shares of the company's stock worth $196,611,000 after buying an additional 2,878,052 shares during the period. Institutional investors and hedge funds own 67.78% of the company's stock.
Erasca Stock Performance
ERAS stock opened at $17.60 on Tuesday. Erasca, Inc. has a 52 week low of $1.33 and a 52 week high of $24.28. The company has a market capitalization of $6.16 billion, a PE ratio of -18.53 and a beta of 0.66. The company's 50-day simple moving average is $17.81 and its 200 day simple moving average is $15.37.
Erasca (NASDAQ:ERAS - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.03). On average, analysts forecast that Erasca, Inc. will post -0.48 EPS for the current year.
Analysts Set New Price Targets
ERAS has been the topic of several research analyst reports. Wolfe Research set a $16.00 price target on shares of Erasca in a report on Thursday, June 4th. Mizuho reduced their price objective on Erasca from $28.00 to $26.00 and set an "outperform" rating for the company in a report on Tuesday, May 12th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Erasca in a research report on Tuesday, July 14th. Wall Street Zen lowered Erasca from a "hold" rating to a "sell" rating in a research note on Saturday, May 16th. Finally, Morgan Stanley lifted their price target on Erasca from $12.00 to $21.00 and gave the stock an "equal weight" rating in a report on Monday, July 20th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Erasca has a consensus rating of "Moderate Buy" and an average price target of $22.09.
Check Out Our Latest Report on ERAS
About Erasca
(
Free Report)
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.
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