Jane Street Group LLC Trims Stock Position in Erasca, Inc. (NASDAQ:ERAS)

Jane Street Group LLC trimmed its holdings in Erasca, Inc. (NASDAQ:ERAS) by 58.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 69,562 shares of the company’s stock after selling 98,850 shares during the quarter. Jane Street Group LLC’s holdings in Erasca were worth $190,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Frazier Life Sciences Management L.P. purchased a new position in Erasca during the second quarter valued at approximately $38,270,000. Logos Global Management LP acquired a new stake in shares of Erasca during the 2nd quarter worth approximately $13,924,000. Marshall Wace LLP purchased a new position in shares of Erasca during the 2nd quarter valued at approximately $8,667,000. State Street Corp lifted its stake in shares of Erasca by 145.2% in the 3rd quarter. State Street Corp now owns 6,027,620 shares of the company’s stock valued at $16,455,000 after purchasing an additional 3,569,440 shares during the period. Finally, Affinity Asset Advisors LLC purchased a new stake in Erasca during the second quarter worth $5,899,000. 67.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ERAS has been the subject of a number of recent analyst reports. Bank of America raised shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a report on Tuesday, January 7th. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price target on shares of Erasca in a report on Wednesday, November 13th. The Goldman Sachs Group raised their price objective on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Jefferies Financial Group assumed coverage on Erasca in a research note on Monday, November 18th. They set a “buy” rating and a $6.00 target price for the company. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $5.70.

Erasca Stock Down 13.8 %

Erasca stock opened at $2.37 on Monday. The company has a fifty day simple moving average of $2.77 and a 200-day simple moving average of $2.76. The firm has a market capitalization of $670.06 million, a price-to-earnings ratio of -2.86 and a beta of 1.21. Erasca, Inc. has a 52-week low of $1.64 and a 52-week high of $3.45.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.06. On average, research analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

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.