Suvretta Capital Management LLC Lowers Stake in Erasca, Inc. (NASDAQ:ERAS)

Suvretta Capital Management LLC lowered its stake in shares of Erasca, Inc. (NASDAQ:ERAS - Free Report) by 10.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,315,004 shares of the company's stock after selling 1,453,035 shares during the quarter. Suvretta Capital Management LLC owned 4.36% of Erasca worth $30,911,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. AXQ Capital LP purchased a new stake in shares of Erasca during the 4th quarter valued at $27,000. Neuberger Berman Group LLC purchased a new stake in shares of Erasca during the 4th quarter valued at $33,000. Brevan Howard Capital Management LP purchased a new stake in shares of Erasca during the 4th quarter valued at $41,000. Cibc World Markets Corp bought a new position in shares of Erasca during the 4th quarter valued at $43,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Erasca by 244.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 23,323 shares of the company's stock valued at $59,000 after purchasing an additional 16,547 shares during the last quarter. Hedge funds and other institutional investors own 67.78% of the company's stock.

Erasca Price Performance

Erasca stock traded down $0.02 during trading hours on Thursday, reaching $1.21. The stock had a trading volume of 345,862 shares, compared to its average volume of 1,808,573. The stock has a market cap of $341.36 million, a PE ratio of -1.45 and a beta of 1.12. Erasca, Inc. has a 52 week low of $1.01 and a 52 week high of $3.45. The company has a fifty day simple moving average of $1.32 and a 200-day simple moving average of $1.92.

Erasca (NASDAQ:ERAS - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.01. Research analysts predict that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Guggenheim set a $3.00 target price on shares of 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 target price on shares of Erasca in a report on Wednesday, April 30th. Morgan Stanley reaffirmed an "overweight" rating and set a $4.00 target price on shares of Erasca in a report on Friday, March 7th. The Goldman Sachs Group reduced their target price on shares of Erasca from $3.50 to $3.00 and set a "buy" rating on the stock in a report on Friday, March 21st. Finally, Raymond James assumed coverage on shares of Erasca in a report on Wednesday, March 26th. They issued an "outperform" rating and a $5.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently 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.