Millennium Management LLC Raises Stake in Erasca, Inc. (NASDAQ:ERAS)

Millennium Management LLC boosted its position in Erasca, Inc. (NASDAQ:ERAS - Free Report) by 73.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,177,900 shares of the company's stock after purchasing an additional 1,767,350 shares during the quarter. Millennium Management LLC owned about 1.48% of Erasca worth $10,487,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. raised its stake in Erasca by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 59,949 shares of the company's stock valued at $150,000 after purchasing an additional 5,614 shares during the last quarter. New York State Common Retirement Fund boosted its position in shares of Erasca by 42.4% during the 4th quarter. New York State Common Retirement Fund now owns 26,859 shares of the company's stock valued at $67,000 after acquiring an additional 8,000 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of Erasca by 8.7% in the fourth quarter. MetLife Investment Management LLC now owns 112,725 shares of the company's stock valued at $283,000 after purchasing an additional 9,039 shares during the period. Hsbc Holdings PLC grew its holdings in shares of Erasca by 57.3% in the fourth quarter. Hsbc Holdings PLC now owns 28,714 shares of the company's stock valued at $73,000 after purchasing an additional 10,458 shares during the period. Finally, AXQ Capital LP acquired a new stake in Erasca during the fourth quarter worth about $27,000. 67.78% of the stock is owned by institutional investors and hedge funds.

Erasca Stock Up 14.1%

Shares of ERAS traded up $0.16 during trading on Thursday, reaching $1.26. 339,749 shares of the company traded hands, compared to its average volume of 1,740,024. Erasca, Inc. has a twelve month low of $1.01 and a twelve month high of $3.45. The stock has a market cap of $355.53 million, a PE ratio of -1.51 and a beta of 1.12. The stock has a 50-day simple moving average of $1.29 and a 200-day simple moving average of $1.86.

Erasca (NASDAQ:ERAS - Get Free Report) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($0.11) earnings per share for the quarter, beating analysts' consensus estimates of ($0.12) by $0.01. On average, equities research analysts predict that Erasca, Inc. will post -0.73 EPS for the current year.

Analyst Upgrades and Downgrades

ERAS has been the subject of several recent analyst reports. Raymond James initiated coverage on shares of Erasca in a research report on Wednesday, March 26th. They set an "outperform" rating and a $5.00 price objective for the company. Guggenheim set a $3.00 price objective on shares of Erasca and gave the stock a "buy" rating in a research report on Wednesday, May 14th. The Goldman Sachs Group cut their price objective on shares of Erasca from $3.50 to $3.00 and set a "buy" rating for the company in a research report on Friday, March 21st. HC Wainwright restated a "buy" rating and set a $6.00 price objective on shares of Erasca in a research report on Wednesday, April 30th. Finally, Morgan Stanley restated an "overweight" rating and set a $4.00 price objective on shares of Erasca in a research report on Friday, March 7th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $4.57.

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.