Affinity Asset Advisors LLC Buys 842,088 Shares of Erasca, Inc. $ERAS

Key Points

• Affinity Asset Advisors LLC increased its stake in Erasca, Inc. by 33.7%, acquiring an additional 842,088 shares in the first quarter, bringing its total ownership to approximately 3.34 million shares worth around $4.58 million.
• Wall Street analysts have mixed ratings for Erasca, with a consensus price target of $4.29, while some analysts have set targets as low as $2.00 after downgrading the stock.
• Shares of Erasca opened at $1.59, with a 12-month high of $3.30 and a low of $1.01, while the company's latest earnings results matched analyst expectations at ($0.12) EPS.

Affinity Asset Advisors LLC increased its position in Erasca, Inc. (NASDAQ:ERAS - Free Report) by 33.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,341,519 shares of the company's stock after purchasing an additional 842,088 shares during the quarter. Affinity Asset Advisors LLC owned 1.18% of Erasca worth $4,578,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Invesco Ltd. raised its holdings in shares of Erasca by 30.2% during the fourth quarter. Invesco Ltd. now owns 48,671 shares of the company's stock worth $122,000 after purchasing an additional 11,290 shares during the period. Legal & General Group Plc boosted its position in shares of Erasca by 52.8% during the 4th quarter. Legal & General Group Plc now owns 186,825 shares of the company's stock valued at $469,000 after purchasing an additional 64,574 shares in the last quarter. Barclays PLC boosted its holdings in shares of Erasca by 9.8% in the fourth quarter. Barclays PLC now owns 377,764 shares of the company's stock worth $948,000 after buying an additional 33,834 shares during the period. XTX Topco Ltd acquired a new position in shares of Erasca in the fourth quarter worth about $139,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Erasca by 74.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,111,986 shares of the company's stock worth $5,301,000 after purchasing an additional 903,687 shares during the period. 67.78% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ERAS has been the topic of several research analyst reports. Guggenheim set a $3.00 price objective on shares of Erasca and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Wall Street Zen cut Erasca from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. Finally, Morgan Stanley reaffirmed an "equal weight" rating and set a $2.00 price target (down previously from $4.00) on shares of Erasca in a research report on Monday, August 18th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $4.29.

Erasca Stock Performance

NASDAQ ERAS remained flat at $1.57 during trading on Friday. The company's stock had a trading volume of 511,234 shares, compared to its average volume of 690,237. Erasca, Inc. has a 12-month low of $1.01 and a 12-month high of $3.31. The firm's fifty day moving average price is $1.49 and its 200 day moving average price is $1.42.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.12) EPS for the quarter, hitting the consensus estimate of ($0.12). On average, sell-side analysts predict that Erasca, Inc. will post -0.73 earnings per share for the current year.

About Erasca

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.