Two Sigma Advisers LP Reduces Position in Erasca, Inc. (NASDAQ:ERAS)

Two Sigma Advisers LP cut its stake in shares of Erasca, Inc. (NASDAQ:ERAS - Free Report) by 25.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 594,600 shares of the company's stock after selling 198,600 shares during the period. Two Sigma Advisers LP owned approximately 0.21% of Erasca worth $1,492,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

A number of brokerages have weighed in on ERAS. Guggenheim set a $3.00 price objective on Erasca and gave the company a "buy" rating in a report on Wednesday, May 14th. HC Wainwright reaffirmed a "buy" rating and set a $6.00 price objective on shares of Erasca in a report on Wednesday, April 30th. The Goldman Sachs Group reduced their target price on Erasca from $3.50 to $3.00 and set a "buy" rating for the company in a report on Friday, March 21st. Raymond James began coverage on shares of Erasca in a research note on Wednesday, March 26th. They set an "outperform" rating and a $5.00 price target on the stock. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $4.00 price target on shares of Erasca in a report on Friday, March 7th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $4.57.

Erasca Trading Up 5.9%

Shares of ERAS stock traded up $0.09 during mid-day trading on Wednesday, reaching $1.53. The stock had a trading volume of 1,972,897 shares, compared to its average volume of 1,739,794. The company has a market cap of $433.43 million, a P/E ratio of -1.84 and a beta of 1.12. Erasca, Inc. has a 12-month low of $1.01 and a 12-month high of $3.45. The business has a 50-day simple moving average of $1.29 and a 200 day simple moving average of $1.81.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.11) EPS for the quarter, beating analysts' consensus estimates of ($0.12) by $0.01. Research analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current year.

About Erasca

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.