T. Rowe Price Investment Management Inc. Buys 581,817 Shares of Erasca, Inc. $ERAS

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Erasca, Inc. by 3.5%, now owning approximately 6.1% of the company, valued at $23.69 million.
• Erasca's shares recently opened at $1.60, with a one-year low of $1.01 and a high of $3.30, reflecting recent market volatility.
• Analysts currently rate Erasca as a Moderate Buy with an average price target of $4.29, though individual ratings vary widely among firms.

T. Rowe Price Investment Management Inc. grew its stake in shares of Erasca, Inc. (NASDAQ:ERAS - Free Report) by 3.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,292,164 shares of the company's stock after acquiring an additional 581,817 shares during the period. T. Rowe Price Investment Management Inc. owned 6.10% of Erasca worth $23,691,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ERAS. Mackenzie Financial Corp bought a new position in Erasca in the fourth quarter valued at approximately $28,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Erasca in the first quarter worth $39,000. Brevan Howard Capital Management LP bought a new stake in Erasca during the fourth quarter valued at $41,000. Cerity Partners LLC bought a new stake in Erasca during the first quarter valued at $49,000. Finally, CWM LLC boosted its position in Erasca by 1,907.2% during the first quarter. CWM LLC now owns 36,250 shares of the company's stock valued at $50,000 after acquiring an additional 34,444 shares during the last quarter. 67.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ERAS has been the topic of a number of research analyst reports. Morgan Stanley reissued an "equal weight" rating and set a $2.00 price objective (down previously from $4.00) on shares of Erasca in a research report on Monday, August 18th. Guggenheim set a $3.00 price objective on shares of Erasca and gave the company a "buy" rating in a research note on Wednesday, May 14th. Wall Street Zen lowered shares of Erasca from a "hold" rating to a "sell" rating in a research note on Friday. Finally, HC Wainwright restated a "buy" rating and set a $6.00 price target on shares of Erasca in a research note on Wednesday, April 30th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Erasca presently has an average rating of "Moderate Buy" and a consensus price target of $4.29.

Erasca Stock Up 0.6%

Shares of NASDAQ:ERAS traded up $0.01 during midday trading on Tuesday, hitting $1.60. 460,692 shares of the stock traded hands, compared to its average volume of 758,886. The stock has a market capitalization of $453.87 million, a PE ratio of -3.56 and a beta of 1.07. The business's 50 day moving average is $1.49 and its two-hundred day moving average is $1.42. Erasca, Inc. has a one year low of $1.01 and a one year high of $3.31.

Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.12). As a group, sell-side analysts forecast that Erasca, Inc. will post -0.73 earnings per share for the current year.

Erasca 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.