Prosight Management LP Decreases Stock Holdings in Erasca, Inc. (NASDAQ:ERAS)

Prosight Management LP lowered its position in Erasca, Inc. (NASDAQ:ERAS - Free Report) by 52.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 947,110 shares of the company's stock after selling 1,036,900 shares during the period. Erasca comprises approximately 0.7% of Prosight Management LP's holdings, making the stock its 28th largest position. Prosight Management LP owned about 0.33% of Erasca worth $2,377,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. AXQ Capital LP purchased a new stake in shares of Erasca during the 4th quarter worth $27,000. Neuberger Berman Group LLC purchased a new position in Erasca in the fourth quarter valued at about $33,000. Brevan Howard Capital Management LP acquired a new stake in shares of Erasca during the 4th quarter valued at approximately $41,000. Cibc World Markets Corp purchased a new stake in shares of Erasca during the 4th quarter worth approximately $43,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Erasca by 244.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 23,323 shares of the company's stock worth $59,000 after acquiring an additional 16,547 shares during the period. Hedge funds and other institutional investors own 67.78% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ERAS. Raymond James assumed coverage on Erasca in a report on Wednesday, March 26th. They issued an "outperform" rating and a $5.00 target price on the stock. HC Wainwright restated a "buy" rating and set a $6.00 target price on shares of Erasca in a research report 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. Morgan Stanley restated an "overweight" rating and issued a $4.00 price objective on shares of Erasca in a research report on Friday, March 7th. Finally, The Goldman Sachs Group dropped their price objective on Erasca from $3.50 to $3.00 and set a "buy" rating for the company in a research report on Friday, March 21st. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $4.57.

Erasca Stock Up 1.2%

Shares of ERAS traded up $0.02 during mid-day trading on Tuesday, hitting $1.25. The company had a trading volume of 312,075 shares, compared to its average volume of 1,862,995. Erasca, Inc. has a 1-year low of $1.01 and a 1-year high of $3.45. The business's 50-day simple moving average is $1.33 and its 200-day simple moving average is $1.93. The stock has a market cap of $352.69 million, a PE ratio of -1.50 and a beta of 1.12.

Erasca (NASDAQ:ERAS - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.01. On average, sell-side analysts expect that Erasca, Inc. will post -0.73 earnings per share 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.