Algert Global LLC Cuts Stake in Erasca, Inc. $ERAS

Key Points

• Algert Global LLC cut its Erasca stake by 64.1% in the second quarter, selling 56,390 shares and retaining 31,640 shares valued at approximately $580,000. Institutional investors collectively own 67.78% of Erasca.
• Analysts remain broadly positive, with eight Buy ratings, two Holds and one Sell. Erasca has a “Moderate Buy” consensus rating and an average price target of $22.09, above its reported opening price of $18.03.
• Erasca reported a quarterly loss of $0.14 per share, missing the consensus estimate of a $0.11 loss. Analysts expect a full-year loss of approximately $0.49 per share.

Algert Global LLC trimmed its position in shares of Erasca, Inc. (NASDAQ:ERAS - Free Report) by 64.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,640 shares of the company's stock after selling 56,390 shares during the period. Algert Global LLC's holdings in Erasca were worth $580,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Wealthcare Advisory Partners LLC increased its holdings in Erasca by 5.0% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 15,924 shares of the company's stock worth $292,000 after purchasing an additional 756 shares during the period. Neuberger Berman Group LLC boosted its position in shares of Erasca by 11.3% in the 4th quarter. Neuberger Berman Group LLC now owns 12,358 shares of the company's stock worth $46,000 after purchasing an additional 1,253 shares in the last quarter. Abel Hall LLC raised its position in shares of Erasca by 8.1% in the 1st quarter. Abel Hall LLC now owns 16,947 shares of the company's stock valued at $274,000 after purchasing an additional 1,265 shares during the last quarter. Allworth Financial LP purchased a new position in shares of Erasca in the second quarter worth $34,000. Finally, EverSource Wealth Advisors LLC boosted its position in Erasca by 77.8% in the first quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company's stock valued at $69,000 after buying an additional 1,859 shares during the last quarter. Institutional investors own 67.78% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ERAS. HSBC set a $20.00 price target on shares of Erasca in a research note on Tuesday, July 14th. Morgan Stanley boosted 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. Bank of America upped their target price on shares of Erasca from $18.00 to $20.00 and gave the stock a "neutral" rating in a research note on Friday, August 14th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Erasca in a report on Tuesday, July 14th. Finally, Mizuho lowered their target price on Erasca from $28.00 to $26.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 12th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Erasca has an average rating of "Moderate Buy" and a consensus target price of $22.09.

Erasca Price Performance

Shares of ERAS stock opened at $18.03 on Monday. The company has a market cap of $6.31 billion, a P/E ratio of -18.98 and a beta of 0.66. The business has a 50 day moving average of $18.20 and a two-hundred day moving average of $15.56. Erasca, Inc. has a 52 week low of $1.33 and a 52 week high of $24.28.

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

Erasca Company Profile

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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