BlackRock Inc. Takes $387.54 Million Position in Erasca, Inc. $ERAS

Key Points

• BlackRock acquired 21.15 million Erasca shares worth approximately $387.5 million, giving it a 6.8% stake. Institutional investors collectively own 67.78% of the company.
• Erasca reported a quarterly loss of $0.14 per share, missing the $0.11 consensus estimate; analysts expect a full-year loss of $0.49 per share.
• Wall Street’s consensus rating is “Moderate Buy”, with eight Buy, two Hold, and one Sell rating and an average price target of $22.09, versus a recent share price of $17.76.

BlackRock Inc. acquired a new position in Erasca, Inc. (NASDAQ:ERAS - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 21,154,146 shares of the company's stock, valued at approximately $387,544,000. BlackRock Inc. owned approximately 6.80% of Erasca at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Spruce Street Capital LP acquired a new position in shares of Erasca in the 4th quarter valued at $14,469,000. Janus Henderson Group PLC purchased a new position in Erasca in the 1st quarter worth $59,988,000. Commodore Capital LP acquired a new stake in Erasca during the 1st quarter worth about $51,372,000. Vivo Capital LLC lifted its position in 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 acquiring an additional 2,878,052 shares during the period. Finally, Siren L.L.C. grew its stake in Erasca by 28.4% during the 1st quarter. Siren L.L.C. now owns 11,244,246 shares of the company's stock valued at $181,932,000 after purchasing an additional 2,486,997 shares during the last quarter. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

Erasca Stock Performance

Shares of NASDAQ ERAS opened at $17.76 on Wednesday. The company's fifty day moving average price is $17.89 and its 200 day moving average price is $15.42. Erasca, Inc. has a 1 year low of $1.33 and a 1 year high of $24.28. The company has a market capitalization of $6.21 billion, a PE ratio of -18.69 and a beta of 0.66.

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). On average, equities analysts expect that Erasca, Inc. will post -0.49 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on ERAS shares. HC Wainwright increased their price objective on Erasca from $18.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Erasca in a report on Tuesday, July 14th. Mizuho dropped their target price on Erasca from $28.00 to $26.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 12th. Wall Street Zen downgraded shares of Erasca from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. Finally, HSBC set a $20.00 price target on shares of Erasca in a research report on Tuesday, July 14th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $22.09.

Erasca 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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