Frazier Life Sciences Management L.P. Invests $38.27 Million in Erasca, Inc. (NASDAQ:ERAS)

Frazier Life Sciences Management L.P. acquired a new position in shares of Erasca, Inc. (NASDAQ:ERAS) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 16,216,216 shares of the company’s stock, valued at approximately $38,270,000. Erasca accounts for approximately 1.8% of Frazier Life Sciences Management L.P.’s investment portfolio, making the stock its 17th biggest position. Frazier Life Sciences Management L.P. owned 9.35% of Erasca as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in ERAS. Federated Hermes Inc. acquired a new stake in shares of Erasca during the 2nd quarter worth approximately $31,000. Sei Investments Co. purchased a new position in shares of Erasca during the 2nd quarter valued at approximately $39,000. Victory Capital Management Inc. lifted its position in shares of Erasca by 82.2% during the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after buying an additional 9,689 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Erasca by 66.1% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 29,013 shares of the company’s stock valued at $60,000 after buying an additional 11,541 shares in the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC lifted its position in shares of Erasca by 41.2% during the 2nd quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock valued at $81,000 after buying an additional 10,000 shares in the last quarter. Institutional investors and hedge funds own 67.78% of the company’s stock.

Erasca Stock Performance

Shares of ERAS stock opened at $2.68 on Friday. The stock’s fifty day moving average is $2.85 and its two-hundred day moving average is $2.45. The firm has a market capitalization of $464.60 million, a P/E ratio of -3.19 and a beta of 1.16. Erasca, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.45.

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. The Goldman Sachs Group decreased their target price on Erasca from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. HC Wainwright increased their target price on Erasca from $5.00 to $6.00 and gave the company a “buy” rating in a research report on Tuesday, August 13th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Erasca currently has an average rating of “Moderate Buy” and a consensus price target of $6.00.

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.