Two Sigma Investments LP Sells 386,668 Shares of Erasca, Inc. (NASDAQ:ERAS)

Two Sigma Investments LP trimmed its stake in shares of Erasca, Inc. (NASDAQ:ERAS - Free Report) by 28.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 958,245 shares of the company's stock after selling 386,668 shares during the quarter. Two Sigma Investments LP owned approximately 0.34% of Erasca worth $2,405,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ERAS. Tang Capital Management LLC increased its stake in shares of Erasca by 19.9% in the fourth quarter. Tang Capital Management LLC now owns 602,915 shares of the company's stock valued at $1,513,000 after buying an additional 100,000 shares during the period. ProShare Advisors LLC grew its holdings in Erasca by 29.7% during the 4th quarter. ProShare Advisors LLC now owns 65,155 shares of the company's stock worth $164,000 after acquiring an additional 14,921 shares during the last quarter. Paradigm Biocapital Advisors LP increased its position in Erasca by 0.8% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 10,752,354 shares of the company's stock valued at $26,988,000 after acquiring an additional 84,213 shares during the period. Nuveen Asset Management LLC raised its stake in shares of Erasca by 14.9% during the fourth quarter. Nuveen Asset Management LLC now owns 555,704 shares of the company's stock valued at $1,395,000 after acquiring an additional 72,121 shares during the last quarter. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Erasca by 228.0% during the fourth quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 229,600 shares of the company's stock worth $576,000 after purchasing an additional 159,600 shares during the period. Institutional investors own 67.78% of the company's stock.

Erasca Stock Performance

ERAS traded up $0.09 on Wednesday, reaching $1.53. The company had a trading volume of 1,972,897 shares, compared to its average volume of 1,739,794. Erasca, Inc. has a 52-week low of $1.01 and a 52-week high of $3.45. The company has a market cap of $433.43 million, a price-to-earnings ratio of -1.84 and a beta of 1.12. 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 results on Tuesday, May 13th. The company reported ($0.11) EPS for the quarter, beating analysts' consensus estimates of ($0.12) by $0.01. As a group, equities research analysts predict that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.