Affinity Asset Advisors LLC Invests $5.90 Million in Erasca, Inc. (NASDAQ:ERAS)

Affinity Asset Advisors LLC purchased a new position in shares of Erasca, Inc. (NASDAQ:ERAS) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 2,499,431 shares of the company’s stock, valued at approximately $5,899,000. Affinity Asset Advisors LLC owned approximately 1.44% of Erasca as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Logos Global Management LP bought a new stake in shares of Erasca during the second quarter valued at approximately $13,924,000. Marshall Wace LLP bought a new position in Erasca in the second quarter valued at approximately $8,667,000. Sofinnova Investments Inc. bought a new stake in shares of Erasca during the 2nd quarter valued at $4,011,000. CVI Holdings LLC acquired a new position in shares of Erasca in the 1st quarter valued at $3,000,000. Finally, Vanguard Group Inc. boosted its position in shares of Erasca by 14.4% in the 1st quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock worth $8,937,000 after purchasing an additional 545,765 shares during the last quarter. Institutional investors own 67.78% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on ERAS. HC Wainwright raised their target price on Erasca from $5.00 to $6.00 and gave the stock a “buy” rating in a report on Tuesday, August 13th. The Goldman Sachs Group reduced their price objective on shares of Erasca from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Erasca currently has an average rating of “Moderate Buy” and an average target price of $6.00.

Erasca Stock Down 2.3 %

Shares of ERAS stock opened at $2.54 on Wednesday. The company has a market capitalization of $439.47 million, a price-to-earnings ratio of -3.02 and a beta of 1.16. Erasca, Inc. has a 12-month low of $1.51 and a 12-month high of $3.45. The firm has a fifty day moving average of $2.87 and a 200-day moving average of $2.44.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.12). On average, equities analysts expect that Erasca, Inc. will post -0.91 EPS for the current year.

Erasca Company 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.