492,400 Shares in Erasca, Inc. $ERAS Bought by Candriam S.C.A.

Key Points

• Candriam S.C.A. bought 492,400 Erasca shares in the third quarter, worth about $7.25 million and equal to approximately 0.14% of the company.
• Institutional investors own 67.78% of Erasca; Assenagon increased its stake by 407.9% during the quarter, while several other major firms also hold sizable positions.
• Analysts give Erasca a consensus “Moderate Buy” rating and a $22.09 average price target. The company’s latest quarterly loss per share of $0.14 was wider than analysts’ $0.11 estimate.

Candriam S.C.A. bought a new stake in Erasca, Inc. (NASDAQ:ERAS - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 492,400 shares of the company's stock, valued at approximately $7,245,000. Candriam S.C.A. owned approximately 0.14% of Erasca as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in ERAS. BlackRock Inc. purchased a new stake in shares of Erasca in the 2nd quarter valued at approximately $387,544,000. ARCH Venture Management LLC purchased a new stake in shares of Erasca during the 2nd quarter worth $129,917,324. Janus Henderson Group PLC purchased a new stake in shares of Erasca during the 1st quarter worth $59,988,000. Assenagon Asset Management S.A. lifted its position in shares of Erasca by 407.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,128,332 shares of the company's stock worth $60,521,000 after purchasing an additional 3,315,456 shares during the last quarter. Finally, Commodore Capital LP acquired a new position in shares of Erasca during the first quarter worth $51,372,000. Hedge funds and other institutional investors own 67.78% of the company's stock.

Erasca Price Performance

Shares of Erasca stock opened at $15.61 on Tuesday. The firm's fifty day simple moving average is $15.03 and its 200-day simple moving average is $15.14. The stock has a market capitalization of $5.46 billion, a price-to-earnings ratio of -16.43 and a beta of 0.68. Erasca, Inc. has a 12 month low of $2.21 and a 12 month high of $24.28.

Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.03). Analysts anticipate that Erasca, Inc. will post -0.49 earnings per share for the current year.

Wall Street Analyst Weigh In

ERAS has been the topic of several recent analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Erasca in a report on Tuesday, September 8th. HSBC set a $20.00 price target on Erasca in a report on Tuesday, July 14th. Guggenheim upped their price objective on Erasca from $20.00 to $21.00 and gave the stock a "buy" rating in a research report on Thursday, August 13th. Morgan Stanley increased their price objective on Erasca from $12.00 to $21.00 and gave the company an "equal weight" rating in a report on Monday, July 20th. Finally, HC Wainwright raised their target price on Erasca from $18.00 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $22.09.

About Erasca

Erasca, Inc is a clinical-stage biotechnology company focused on developing medicines for cancer. Its research centers on the RAS/MAPK signaling pathway, which is involved in the growth of many tumors and can be difficult to target with existing therapies.

The company's pipeline includes investigational drug candidates designed to inhibit RAS proteins and other targets in the pathway. Erasca evaluates these candidates for potential use across multiple cancer types; its medicines remain in development rather than being marketed as approved treatments.

Founded in 2018 and headquartered in San Diego, California, Erasca conducts drug discovery and clinical development to advance its oncology programs.

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