Frazier Life Sciences Management L.P. Increases Stock Position in Erasca, Inc. $ERAS

Key Points

• Frazier Life Sciences Management L.P. increased its stake in Erasca, Inc. by 16.4% in the first quarter, now owning approximately 7.97% of the company, valued at $30.93 million.
• Analysts have mixed ratings on Erasca, with Morgan Stanley reducing its price target to $2.00, while Guggenheim set a target of $3.00 and rated it as a "buy."
• Erasca's stock performance shows a 1-year range of $1.01 to $3.31, and it recently reported earnings of ($0.12) per share, aligned with consensus estimates.

Frazier Life Sciences Management L.P. grew its position in Erasca, Inc. (NASDAQ:ERAS - Free Report) by 16.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,575,851 shares of the company's stock after buying an additional 3,184,164 shares during the quarter. Erasca accounts for about 1.4% of Frazier Life Sciences Management L.P.'s portfolio, making the stock its 19th largest holding. Frazier Life Sciences Management L.P. owned about 7.97% of Erasca worth $30,929,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ERAS. Mackenzie Financial Corp acquired a new position in shares of Erasca in the 4th quarter worth approximately $28,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Erasca in the 1st quarter worth approximately $39,000. Brevan Howard Capital Management LP acquired a new position in shares of Erasca in the 4th quarter worth approximately $41,000. Cerity Partners LLC acquired a new position in shares of Erasca in the 1st quarter worth approximately $49,000. Finally, CWM LLC lifted its position in shares of Erasca by 1,907.2% in the 1st quarter. CWM LLC now owns 36,250 shares of the company's stock worth $50,000 after purchasing an additional 34,444 shares during the period. 67.78% of the stock is currently owned by institutional investors and hedge funds.

Erasca Stock Up 8.8%

ERAS stock traded up $0.13 during trading on Friday, reaching $1.61. The stock had a trading volume of 2,975,693 shares, compared to its average volume of 760,230. Erasca, Inc. has a one year low of $1.01 and a one year high of $3.31. The company's 50 day moving average is $1.51 and its two-hundred day moving average is $1.42. The company has a market capitalization of $456.71 million, a price-to-earnings ratio of -3.58 and a beta of 1.08.

Erasca (NASDAQ:ERAS - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.12). As a group, research analysts predict that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Erasca Company 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.