Erasca, Inc. $ERAS Shares Purchased by Seven Fleet Capital Management LP

Key Points

• Seven Fleet Capital Management increased its Erasca stake by 38.5% in the second quarter, adding 85,539 shares to hold 308,007 shares worth approximately $5.6 million. Institutional investors collectively own 67.78% of the company.
• Erasca reported a quarterly loss of $0.14 per share, missing analyst expectations of a $0.11 loss. Analysts expect a full-year loss of approximately $0.49 per share.
• The stock has a “Moderate Buy” consensus rating from analysts, with eight Buy, two Hold, and one Sell ratings and an average price target of $22.09, compared with a recent opening price of $19.15.

Seven Fleet Capital Management LP raised its stake in Erasca, Inc. (NASDAQ:ERAS - Free Report) by 38.5% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 308,007 shares of the company's stock after buying an additional 85,539 shares during the quarter. Erasca makes up about 0.9% of Seven Fleet Capital Management LP's investment portfolio, making the stock its 24th largest holding. Seven Fleet Capital Management LP owned about 0.09% of Erasca worth $5,643,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Corient Private Wealth LP bought a new position in shares of Erasca during the second quarter worth about $2,150,000. Bank of America Corp DE bought a new stake in Erasca in the 2nd quarter valued at about $55,853,000. Odyssean LLC lifted its position in Erasca by 100.7% in the 2nd quarter. Odyssean LLC now owns 34,780 shares of the company's stock valued at $637,000 after purchasing an additional 17,451 shares during the last quarter. Man Group plc acquired a new position in Erasca during the 2nd quarter valued at about $3,711,000. Finally, Jupiter Topco LLC acquired a new position in Erasca during the 2nd quarter valued at about $1,404,000. Institutional investors and hedge funds own 67.78% of the company's stock.

Erasca Stock Performance

Shares of ERAS stock opened at $19.15 on Thursday. Erasca, Inc. has a 1 year low of $1.33 and a 1 year high of $24.28. The stock has a market cap of $6.70 billion, a PE ratio of -20.16 and a beta of 0.66. The business's fifty day moving average is $18.00 and its 200-day moving average is $15.47.

Erasca (NASDAQ:ERAS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.03). Equities research analysts predict that Erasca, Inc. will post -0.49 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Erasca in a research note on Thursday, June 11th. Wolfe Research set a $16.00 price objective on Erasca in a report on Thursday, June 4th. Mizuho lowered their target price on Erasca from $28.00 to $26.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 12th. HSBC set a $20.00 target price on Erasca in a research note on Tuesday, July 14th. Finally, Bank of America boosted their price target on Erasca from $18.00 to $20.00 and gave the stock a "neutral" rating in a research report on Friday, August 14th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $22.09.

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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