AXQ Capital LP Acquires Shares of 63,443 Erasca, Inc. $ERAS

Key Points

• AXQ Capital LP initiated a position in Erasca by purchasing 63,443 shares valued at approximately $1.16 million. Institutional investors collectively own 67.78% of the company, with several major funds increasing their holdings.
• Erasca shares opened at $16.19, below the 50-day moving average of $18.35 but above the 200-day average of $15.70. The stock has traded between $1.47 and $24.28 over the past year, while the company reported a quarterly loss of $0.14 per share, missing estimates by $0.03.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $22.09. Eight analysts rate the stock Buy, compared with two Holds and one Sell, although Mizuho recently lowered its target to $26 from $28.

AXQ Capital LP bought a new position in shares of Erasca, Inc. (NASDAQ:ERAS - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 63,443 shares of the company's stock, valued at approximately $1,162,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. bought a new position in Erasca in the second quarter worth approximately $387,544,000. VR Adviser LLC raised its position in Erasca by 10.1% during the 2nd quarter. VR Adviser LLC now owns 17,857,083 shares of the company's stock valued at $22,678,000 after purchasing an additional 1,640,867 shares in the last quarter. Paradigm Biocapital Advisors LP raised its position in Erasca by 4.4% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 14,159,095 shares of the company's stock valued at $52,672,000 after purchasing an additional 599,078 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Erasca by 0.9% in 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 lifted its holdings in shares of Erasca by 31.0% in 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 own 67.78% of the company's stock.

Erasca Price Performance

ERAS opened at $16.19 on Friday. The firm has a market capitalization of $5.66 billion, a PE ratio of -17.04 and a beta of 0.64. The business's 50-day moving average is $18.35 and its two-hundred day moving average is $15.70. Erasca, Inc. has a 1 year low of $1.47 and a 1 year 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). As a group, sell-side analysts expect that Erasca, Inc. will post -0.49 EPS for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on ERAS. Mizuho decreased 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. HSBC set a $20.00 target price on shares of Erasca in a report on Tuesday, July 14th. Wall Street Zen downgraded shares of Erasca from a "hold" rating to a "sell" rating in a research report on Saturday, May 16th. Guggenheim boosted their price target on shares of Erasca from $20.00 to $21.00 and gave the company a "buy" rating in a report on Thursday, August 13th. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Erasca in a research report on Tuesday, July 14th. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $22.09.

About Erasca

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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