Erasca, Inc. (NASDAQ:ERAS) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its position in Erasca, Inc. (NASDAQ:ERAS) by 31.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,381 shares of the company’s stock after selling 5,804 shares during the quarter. Principal Financial Group Inc.’s holdings in Erasca were worth $34,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ERAS. Federated Hermes Inc. acquired a new position in Erasca in the second quarter valued at approximately $31,000. Sei Investments Co. acquired a new position in shares of Erasca in the 2nd quarter valued at $39,000. Creative Planning grew its holdings in shares of Erasca by 23.0% during the 3rd quarter. Creative Planning now owns 20,014 shares of the company’s stock worth $55,000 after purchasing an additional 3,737 shares during the period. Victory Capital Management Inc. increased 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 worth $51,000 after purchasing an additional 9,689 shares during the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC raised its holdings in Erasca by 41.2% in 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 during the period. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Jefferies Financial Group initiated coverage on shares of Erasca in a research note on Monday, November 18th. They set a “buy” rating and a $6.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price objective on shares of Erasca in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group boosted their target price on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $6.08.

Erasca Stock Performance

NASDAQ ERAS opened at $2.78 on Wednesday. The firm has a market cap of $785.99 million, a price-to-earnings ratio of -3.35 and a beta of 1.16. The firm has a 50 day simple moving average of $2.75 and a 200-day simple moving average of $2.65. Erasca, Inc. has a one year low of $1.51 and a one year high of $3.45.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.06. Equities analysts predict that Erasca, Inc. will post -0.73 EPS for the current fiscal 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.