Erasca, Inc. $ERAS Stock Position Raised by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Erasca position by 407.9% during the third quarter, purchasing 3.32 million additional shares and bringing its holdings to 4.13 million shares, or about 1.18% of the company.
• Institutional investors and hedge funds own approximately 67.78% of Erasca. Analyst sentiment is moderately positive, with eight Buy ratings, two Holds, one Sell, and a consensus price target of $22.09.
• ERAS shares opened at $13.39, down 10%, while Erasca reported a quarterly loss of $0.14 per share—$0.03 worse than analysts expected. The clinical-stage biotech focuses on precision cancer medicines targeting the RAS/MAPK pathway.

Assenagon Asset Management S.A. boosted its position in Erasca, Inc. (NASDAQ:ERAS - Free Report) by 407.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,128,332 shares of the company's stock after purchasing an additional 3,315,456 shares during the period. Assenagon Asset Management S.A. owned about 1.18% of Erasca worth $60,521,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Engineers Gate Manager LP purchased a new position in shares of Erasca in the second quarter valued at $1,601,000. Integrated Wealth Concepts LLC acquired a new position in shares of Erasca during the 2nd quarter worth $80,000. Squarepoint Ops LLC boosted its position in shares of Erasca by 42.8% in the 2nd quarter. Squarepoint Ops LLC now owns 135,233 shares of the company's stock worth $2,477,000 after buying an additional 40,548 shares in the last quarter. Nykredit A S purchased a new stake in shares of Erasca in the 2nd quarter worth about $29,000. Finally, Corient Private Wealth LP purchased a new stake in shares of Erasca in the 2nd quarter worth about $2,150,000. 67.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ERAS. HSBC set a $20.00 price objective on shares of Erasca in a research note on Tuesday, July 14th. Morgan Stanley lifted their target price on shares of Erasca from $12.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Monday, July 20th. Jefferies Financial Group restated a "buy" rating on shares of Erasca in a research report on Tuesday, July 14th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Erasca in a report on Tuesday, September 8th. Finally, HC Wainwright increased their price target on shares of Erasca from $18.00 to $22.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $22.09.

Erasca Stock Down 10.0%

Shares of NASDAQ:ERAS opened at $13.39 on Friday. The company has a market capitalization of $4.68 billion, a P/E ratio of -14.09 and a beta of 0.61. Erasca, Inc. has a 52-week low of $2.11 and a 52-week high of $24.28. The stock's fifty day simple moving average is $16.15 and its 200-day simple moving average is $15.89.

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

About Erasca

Erasca, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for cancers driven by abnormal signaling in the RAS/MAPK pathway. The company's research and development activities target tumors with RAS mutations or other alterations that can promote cancer growth and resistance to treatment.

Erasca's pipeline has included naporafenib, an investigational pan-RAF inhibitor designed to block signaling downstream of RAF proteins, as well as other targeted therapies aimed at genetically defined cancer populations.

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