Corient Private Wealth LP Makes New Investment in Erasca, Inc. $ERAS

Key Points

• Corient Private Wealth LP acquired 117,377 Erasca shares during the second quarter, valued at approximately $2.15 million. Institutional investors collectively own 67.78% of the company.
• Analyst sentiment remains positive overall, with eight Buy ratings, two Holds and one Sell; Erasca has a consensus “Moderate Buy” rating and an average price target of $22.09.
• Erasca shares opened at $16.37 after falling 2.3%, while the company reported a quarterly loss of $0.14 per share, missing analyst expectations by $0.03.

Corient Private Wealth LP bought a new stake in shares of Erasca, Inc. (NASDAQ:ERAS - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 117,377 shares of the company's stock, valued at approximately $2,150,000.

Other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC grew its stake in shares of Erasca by 594.8% in the first quarter. AQR Capital Management LLC now owns 396,202 shares of the company's stock worth $543,000 after acquiring an additional 339,177 shares during the period. Geode Capital Management LLC lifted its position in Erasca by 1.6% during the second quarter. Geode Capital Management LLC now owns 4,835,642 shares of the company's stock valued at $6,143,000 after purchasing an additional 77,790 shares during the period. Creative Planning boosted its holdings in Erasca by 423.3% in the second quarter. Creative Planning now owns 244,332 shares of the company's stock worth $310,000 after purchasing an additional 197,637 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in Erasca by 39.1% in the second quarter. New York State Common Retirement Fund now owns 37,360 shares of the company's stock worth $47,000 after purchasing an additional 10,501 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Erasca by 51.6% in the second quarter. Invesco Ltd. now owns 172,226 shares of the company's stock worth $219,000 after purchasing an additional 58,643 shares during the last quarter. Hedge funds and other institutional investors own 67.78% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Mizuho decreased their target price on shares of Erasca from $28.00 to $26.00 and set an "outperform" rating for the company in a research note on Tuesday, May 12th. HSBC set a $20.00 price target on Erasca in a research note on Tuesday, July 14th. Wall Street Zen lowered Erasca from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. HC Wainwright upped their price objective on Erasca from $18.00 to $22.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Erasca in a 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 assigned a Sell rating to the stock. According to data from MarketBeat, Erasca presently has an average rating of "Moderate Buy" and an average target price of $22.09.

Erasca Trading Down 2.3%

Shares of NASDAQ ERAS opened at $16.37 on Thursday. The firm has a 50 day moving average of $18.32 and a 200 day moving average of $15.67. The firm has a market capitalization of $5.73 billion, a price-to-earnings ratio of -17.23 and a beta of 0.64. Erasca, Inc. has a 12-month low of $1.33 and a 12-month high of $24.28.

Erasca (NASDAQ:ERAS - Get Free Report) last announced its earnings results on Tuesday, August 11th. The company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.03). Sell-side analysts predict that Erasca, Inc. will post -0.49 EPS for the current year.

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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