Fmr LLC Boosts Stock Holdings in Erasca, Inc. (NASDAQ:ERAS)

Fmr LLC grew its stake in shares of Erasca, Inc. (NASDAQ:ERAS) by 32.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 306,129 shares of the company’s stock after buying an additional 75,642 shares during the quarter. Fmr LLC owned 0.11% of Erasca worth $836,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of ERAS. Frazier Life Sciences Management L.P. bought a new position in Erasca in the second quarter worth $38,270,000. Logos Global Management LP purchased a new stake in shares of Erasca in the 2nd quarter worth about $13,924,000. Marshall Wace LLP bought a new position in shares of Erasca in the 2nd quarter worth about $8,667,000. Affinity Asset Advisors LLC purchased a new stake in Erasca in the second quarter worth about $5,899,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Erasca by 29.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,723,630 shares of the company’s stock valued at $4,706,000 after purchasing an additional 390,209 shares in the last quarter. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ERAS. Jefferies Financial Group assumed coverage on shares of Erasca in a research note on Monday, November 18th. They issued a “buy” rating and a $6.00 price target on the stock. The Goldman Sachs Group increased their price target on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, HC Wainwright reissued a “buy” rating and set a $6.00 price target on shares of Erasca in a research report on Wednesday, November 13th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $5.90.

Erasca Stock Up 0.4 %

ERAS stock opened at $2.63 on Wednesday. The firm’s fifty day simple moving average is $2.81 and its two-hundred day simple moving average is $2.72. The stock has a market capitalization of $743.57 million, a price-to-earnings ratio of -3.17 and a beta of 1.20. Erasca, Inc. has a twelve month low of $1.64 and a twelve month high of $3.45.

Erasca (NASDAQ:ERAS) last issued its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.06. As a group, equities research analysts expect that Erasca, Inc. will post -0.73 EPS for the current 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.