DAFNA Capital Management LLC Invests $466,000 in Erasca, Inc. $ERAS

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 bought a new position in Erasca, Inc. (NASDAQ:ERAS - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The firm bought 340,000 shares of the company's stock, valued at approximately $466,000. DAFNA Capital Management LLC owned 0.12% of Erasca at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mackenzie Financial Corp bought a new position in shares of Erasca in the 4th quarter worth about $28,000. Wealth Enhancement Advisory Services LLC bought a new stake in Erasca during the 1st quarter valued at about $39,000. Brevan Howard Capital Management LP bought a new stake in shares of Erasca in the fourth quarter worth approximately $41,000. Cerity Partners LLC bought a new stake in shares of Erasca in the first quarter worth approximately $49,000. Finally, CWM LLC grew its stake in shares of Erasca by 1,907.2% in the first quarter. CWM LLC now owns 36,250 shares of the company's stock worth $50,000 after acquiring an additional 34,444 shares during the period. 67.78% of the stock is owned by hedge funds and other institutional investors.

Erasca Stock Down 10.6%

NASDAQ:ERAS traded down $0.17 during trading hours on Wednesday, hitting $1.43. 2,855,311 shares of the stock traded hands, compared to its average volume of 1,356,155. Erasca, Inc. has a 1 year low of $1.01 and a 1 year high of $3.31. The company has a market cap of $405.65 million, a price-to-earnings ratio of -3.18 and a beta of 1.08. The stock has a 50 day moving average price of $1.50 and a 200 day moving average price of $1.42.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.12) earnings per share for the quarter, meeting the consensus estimate of ($0.12). Equities analysts forecast that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Erasca Profile

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.