Jupiter Topco LLC Takes $1.40 Million Position in Erasca, Inc. $ERAS

Key Points

• Jupiter Topco LLC acquired 76,600 Erasca shares worth approximately $1.40 million during the second quarter. Institutional investors now own 67.78% of the company, with several major funds also initiating positions.
• Analysts maintain a generally positive outlook, with eight Buy ratings, two Holds, and one Sell; Erasca has a consensus rating of “Moderate Buy” and an average price target of $22.09.
• ERAS opened at $16.19, while its latest quarterly results showed a loss of $0.14 per share, missing the consensus estimate of a $0.11 loss.

Jupiter Topco LLC acquired a new position in Erasca, Inc. (NASDAQ:ERAS - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 76,600 shares of the company's stock, valued at approximately $1,404,000.

A number of other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in shares of Erasca in the 2nd quarter worth approximately $387,544,000. ARCH Venture Management LLC purchased a new position in shares of Erasca during the 2nd quarter valued at about $129,917,324. Spruce Street Capital LP purchased a new stake in Erasca during the fourth quarter worth $14,469,000. Janus Henderson Group PLC purchased a new stake in Erasca during the first quarter worth $59,988,000. Finally, Commodore Capital LP acquired a new stake in Erasca during the first quarter valued at $51,372,000. 67.78% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ERAS has been the topic of a number of analyst reports. HSBC set a $20.00 target price on Erasca in a research report on Tuesday, July 14th. Weiss Ratings restated a "sell (d-)" rating on shares of Erasca in a research report on Thursday, June 11th. Mizuho reduced their target price on Erasca from $28.00 to $26.00 and set an "outperform" rating for the company in a research note on Tuesday, May 12th. Bank of America lifted their price target 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. Finally, Wolfe Research set a $16.00 price target on shares of Erasca in a report on Thursday, June 4th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Erasca currently has an average rating of "Moderate Buy" and a consensus target price of $22.09.

Erasca Stock Down 0.4%

Shares of NASDAQ ERAS opened at $16.19 on Friday. The firm has a 50-day simple moving average of $18.35 and a 200-day simple moving average of $15.70. The stock has a market capitalization of $5.66 billion, a price-to-earnings ratio of -17.04 and a beta of 0.64. Erasca, Inc. has a 52 week low of $1.47 and a 52 week high of $24.28.

Erasca (NASDAQ:ERAS - Get Free Report) last posted its quarterly 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). As a group, equities research analysts expect that Erasca, Inc. will post -0.49 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.