340,000 Shares in Erasca, Inc. $ERAS Purchased by DAFNA Capital Management LLC

Key Points

• DAFNA Capital Management LLC invested approximately $466,000 in Erasca, Inc., acquiring 340,000 shares, which represents 0.12% ownership of the company.
• Several other institutional investors have also increased their stakes in Erasca, leading to institutional ownership totaling 67.78%.
• Erasca's stock has a current price target range with a consensus rating of "Moderate Buy" and an average price target of $4.29, despite Morgan Stanley lowering its own target to $2.00.

DAFNA Capital Management LLC acquired a new position in Erasca, Inc. (NASDAQ:ERAS - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 340,000 shares of the company's stock, valued at approximately $466,000. DAFNA Capital Management LLC owned approximately 0.12% of Erasca as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Erasca in the first quarter worth $39,000. California State Teachers Retirement System raised its position in shares of Erasca by 7.1% in the fourth quarter. California State Teachers Retirement System now owns 171,821 shares of the company's stock worth $431,000 after buying an additional 11,385 shares in the last quarter. Ameriprise Financial Inc. raised its position in Erasca by 165.6% during the fourth quarter. Ameriprise Financial Inc. now owns 55,585 shares of the company's stock valued at $140,000 after purchasing an additional 34,657 shares in the last quarter. ProShare Advisors LLC lifted its stake in Erasca by 29.7% during the fourth quarter. ProShare Advisors LLC now owns 65,155 shares of the company's stock worth $164,000 after purchasing an additional 14,921 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in shares of Erasca by 20.1% in the 1st quarter. Deutsche Bank AG now owns 163,052 shares of the company's stock worth $223,000 after purchasing an additional 27,282 shares in the last quarter. Hedge funds and other institutional investors own 67.78% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ERAS. Wall Street Zen upgraded Erasca from a "sell" rating to a "hold" rating in a report on Saturday, August 30th. Morgan Stanley reiterated an "equal weight" rating and issued a $2.00 price objective (down from $4.00) on shares of Erasca in a report on Monday, August 18th. Bank of America reiterated an "underperform" rating and issued a $1.00 price objective (down from $4.00) on shares of Erasca in a report on Wednesday. Finally, Guggenheim set a $3.00 price objective on Erasca and gave the stock a "buy" rating in a report on Wednesday, May 14th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $3.71.

Erasca Stock Down 1.0%

Shares of ERAS traded down $0.02 during trading hours on Thursday, hitting $1.42. The company had a trading volume of 282,819 shares, compared to its average volume of 1,349,647. The firm has a market cap of $401.39 million, a P/E ratio of -3.14 and a beta of 1.08. The stock's 50 day moving average price is $1.50 and its 200 day moving average price is $1.42. Erasca, Inc. has a 52-week low of $1.01 and a 52-week high of $3.31.

Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.12) EPS for the quarter, hitting the consensus estimate of ($0.12). On average, research analysts expect that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

About Erasca

Erasca, Inc, a clinical-stage precision oncology company, focuses on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company's lead product is naporafenib which is in phase 1b trial for patients with RAS Q16X solid tumors and plans to initiate a pivotal Phase 3 trial for patients with NRASm melanoma.