Engineers Gate Manager LP Takes Position in Erasca, Inc. $ERAS

Key Points

• Engineers Gate Manager LP initiated a position in Erasca during the second quarter, purchasing 87,380 shares valued at approximately $1.6 million. Institutional investors collectively own 67.78% of the company.
• Analyst sentiment is generally positive, with eight Buy ratings, two Holds, and one Sell rating; the average price target is $22.09, compared with the stock’s reported price of $15.36.
• Erasca shares were trading down 5.5%, and the company reported a quarterly loss of $0.14 per share, missing consensus expectations of a $0.11 loss. The clinical-stage biotech is developing precision oncology treatments targeting cancers involving the RAS/MAPK pathway.

Engineers Gate Manager LP bought a new position in Erasca, Inc. (NASDAQ:ERAS - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 87,380 shares of the company's stock, valued at approximately $1,601,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ERAS. Frazier Life Sciences Management L.P. raised its stake in shares of Erasca by 1.2% in 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 purchasing an additional 300,000 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Erasca in the 2nd quarter worth approximately $387,544,000. Vivo Capital LLC lifted its holdings in Erasca by 31.0% during the first 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. Siren L.L.C. increased its position in shares of 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. Finally, ARCH Venture Management LLC bought a new stake in shares of Erasca during the 2nd quarter worth $129,917,324. Institutional investors own 67.78% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ERAS. HC Wainwright lifted their price objective on Erasca from $18.00 to $22.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Erasca in a research report on Tuesday, September 8th. HSBC set a $20.00 price objective on Erasca in a report on Tuesday, July 14th. Wolfe Research set a $16.00 price objective on Erasca in a report on Thursday, June 4th. Finally, Bank of America raised their target price on Erasca from $18.00 to $20.00 and gave the stock a "neutral" rating in a research note on Friday, August 14th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $22.09.

Erasca Trading Down 5.5%

Erasca stock opened at $15.36 on Thursday. Erasca, Inc. has a 12 month low of $1.65 and a 12 month high of $24.28. The stock has a fifty day simple moving average of $17.95 and a two-hundred day simple moving average of $15.90. The firm has a market cap of $5.37 billion, a price-to-earnings ratio of -16.17 and a beta of 0.64.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.03). On average, equities research analysts forecast that Erasca, Inc. will post -0.49 EPS for the current fiscal year.

Erasca Company 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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