Silverarc Capital Management LLC Raises Holdings in Erasca, Inc. (NASDAQ:ERAS)

Silverarc Capital Management LLC grew its stake in Erasca, Inc. (NASDAQ:ERAS - Free Report) by 8.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,543,901 shares of the company's stock after buying an additional 597,413 shares during the quarter. Erasca accounts for about 4.1% of Silverarc Capital Management LLC's investment portfolio, making the stock its 7th biggest holding. Silverarc Capital Management LLC owned about 2.67% of Erasca worth $18,935,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. State Street Corp grew its holdings in shares of Erasca by 145.2% in the 3rd quarter. State Street Corp now owns 6,027,620 shares of the company's stock valued at $16,455,000 after acquiring an additional 3,569,440 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Erasca by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 4,569,819 shares of the company's stock worth $11,474,000 after purchasing an additional 67,121 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Erasca by 74.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,111,986 shares of the company's stock worth $5,301,000 after purchasing an additional 903,687 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Erasca by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,762,696 shares of the company's stock worth $4,424,000 after purchasing an additional 39,066 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Erasca by 6.9% in the 4th quarter. Bank of New York Mellon Corp now owns 544,819 shares of the company's stock valued at $1,367,000 after buying an additional 35,268 shares during the last quarter. Institutional investors own 67.78% of the company's stock.

Erasca Stock Down 0.7 %

Shares of ERAS traded down $0.01 during mid-day trading on Friday, hitting $1.39. 769,518 shares of the company's stock were exchanged, compared to its average volume of 1,859,690. The firm has a market cap of $393.74 million, a price-to-earnings ratio of -1.67 and a beta of 1.14. The stock's 50-day simple moving average is $1.35 and its 200-day simple moving average is $2.09. Erasca, Inc. has a 52 week low of $1.01 and a 52 week high of $3.45.

Erasca (NASDAQ:ERAS - Get Free Report) last announced its quarterly earnings data on Thursday, March 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.12) by $0.01. During the same quarter last year, the company earned ($0.20) EPS. Analysts forecast that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. 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 target price for the company. The Goldman Sachs Group cut 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. Bank of America raised Erasca from a "neutral" rating to a "buy" rating and set a $5.00 target price on the stock in a report on Tuesday, January 7th. Morgan Stanley restated an "overweight" rating and issued a $4.00 price target on shares of Erasca in a research note on Friday, March 7th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $6.00 price objective on shares of Erasca in a research report on Friday, March 21st. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $4.83.

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.