Frazier Life Sciences Management L.P. Has $457.55 Million Stock Position in Erasca, Inc. $ERAS

Key Points

• Frazier Life Sciences Management increased its Erasca stake by 1.2% to 24.98 million shares, worth approximately $457.5 million and representing 7.14% of the company. Institutional investors collectively own 67.78% of Erasca.
• Erasca reported quarterly EPS of -$0.14, missing the consensus estimate of -$0.11. Analysts expect a full-year loss of approximately $0.49 per share.
• Wall Street’s overall view remains positive, with eight Buy, two Hold, and one Sell rating, producing a “Moderate Buy” consensus and an average price target of $22.09 versus the reported share price of $16.19.

Frazier Life Sciences Management L.P. raised its stake in shares of Erasca, Inc. (NASDAQ:ERAS - Free Report) by 1.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 24,975,188 shares of the company's stock after purchasing an additional 300,000 shares during the quarter. Erasca accounts for about 10.0% of Frazier Life Sciences Management L.P.'s investment portfolio, making the stock its 3rd biggest position. Frazier Life Sciences Management L.P. owned about 7.14% of Erasca worth $457,545,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. The Manufacturers Life Insurance Company increased its stake in Erasca by 295.5% during the first quarter. The Manufacturers Life Insurance Company now owns 216,614 shares of the company's stock valued at $3,505,000 after acquiring an additional 161,845 shares during the period. Handelsbanken Fonder AB bought a new stake in shares of Erasca in the 2nd quarter worth approximately $1,500,000. Bank of America Corp DE lifted its position in shares of Erasca by 89.6% in the 1st quarter. Bank of America Corp DE now owns 3,055,897 shares of the company's stock worth $49,444,000 after acquiring an additional 1,444,047 shares during the period. E Fund Management Co. Ltd. acquired a new stake in shares of Erasca during the 2nd quarter worth approximately $4,862,000. Finally, BlackRock Inc. acquired a new stake in shares of Erasca during the 2nd quarter worth approximately $387,544,000. Institutional investors and hedge funds own 67.78% of the company's stock.

Erasca Stock Performance

Shares of NASDAQ:ERAS opened at $16.19 on Monday. The business has a fifty day moving average of $18.35 and a 200-day moving average of $15.73. Erasca, Inc. has a twelve month low of $1.47 and a twelve month high of $24.28. The firm has a market cap of $5.66 billion, a PE ratio of -17.04 and a beta of 0.64.

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

Wall Street Analyst Weigh In

Several brokerages recently commented on ERAS. Wolfe Research set a $16.00 target price on Erasca in a research report on Thursday, June 4th. Guggenheim increased their price objective on shares of Erasca from $20.00 to $21.00 and gave the company a "buy" rating in a research note on Thursday, August 13th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Erasca in a report on Thursday, June 11th. Jefferies Financial Group reiterated a "buy" rating on shares of Erasca in a research report on Tuesday, July 14th. Finally, Bank of America upped their target price on shares of Erasca from $18.00 to $20.00 and gave the company a "neutral" rating in a research note on Friday, August 14th. Eight 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. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price 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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