Corient Private Wealth LP Invests $2.15 Million in Erasca, Inc. $ERAS

Corient Private Wealth LP bought a new stake in Erasca, Inc. (NASDAQ:ERAS - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 117,377 shares of the company's stock, valued at approximately $2,150,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Erasca during the 2nd quarter worth $191,000. Frazier Life Sciences Management L.P. increased its holdings in Erasca by 1.2% during the second quarter. Frazier Life Sciences Management L.P. now owns 24,975,188 shares of the company's stock worth $457,545,000 after buying an additional 300,000 shares during the last quarter. AlphaGrep UK Ltd purchased a new stake in Erasca during the second quarter worth about $373,000. AXQ Capital LP bought a new stake in Erasca in the second quarter worth about $1,162,000. Finally, Nykredit A S bought a new stake in Erasca in the second quarter worth about $29,000. 67.78% of the stock is owned by hedge funds and other institutional investors.

Erasca Price Performance

Shares of NASDAQ:ERAS opened at $13.94 on Thursday. The company has a market cap of $4.88 billion, a price-to-earnings ratio of -14.67 and a beta of 0.64. Erasca, Inc. has a one year low of $1.77 and a one year high of $24.28. The firm has a fifty day moving average price of $17.52 and a two-hundred day moving average price of $15.91.

Erasca (NASDAQ:ERAS - Get Free Report) last posted its quarterly earnings data 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). Equities research analysts expect that Erasca, Inc. will post -0.49 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ERAS. Bank of America increased their price objective on Erasca from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Friday, August 14th. Jefferies Financial Group restated a "buy" rating on shares of Erasca in a research note on Tuesday, July 14th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Erasca in a research note on Tuesday, September 8th. Guggenheim boosted their price objective on Erasca from $20.00 to $21.00 and gave the company a "buy" rating in a research note on Thursday, August 13th. Finally, HSBC set a $20.00 target price on shares of Erasca in a research report on Tuesday, July 14th. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $22.09.

Erasca Profile

Erasca, Inc is a clinical-stage biotechnology company focused on developing treatments for cancers driven by abnormalities in the RAS/MAPK signaling pathway. The company's research and development strategy is centered on precision oncology, with the goal of addressing cancers that have historically been difficult to treat because of mutations in RAS and related proteins.

Erasca's lead investigational program is daraxonrasib, also known as RMC-6236, an oral RAS(ON) multi-selective inhibitor designed to target active RAS proteins.

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