Logos Global Management LP Acquires New Shares in Erasca, Inc. (NASDAQ:ERAS)

Logos Global Management LP acquired a new stake in shares of Erasca, Inc. (NASDAQ:ERAS) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 5,900,000 shares of the company’s stock, valued at approximately $13,924,000. Erasca accounts for about 1.1% of Logos Global Management LP’s investment portfolio, making the stock its 24th biggest holding. Logos Global Management LP owned approximately 3.40% of Erasca at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ERAS. Federated Hermes Inc. acquired a new position in Erasca during the 2nd quarter worth $31,000. Vanguard Personalized Indexing Management LLC acquired a new position in Erasca during the 4th quarter worth $35,000. Sei Investments Co. bought a new stake in shares of Erasca in the 2nd quarter worth $39,000. RPO LLC bought a new stake in shares of Erasca in the 4th quarter worth $44,000. Finally, Victory Capital Management Inc. raised its stake in shares of Erasca by 82.2% in the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock worth $51,000 after buying an additional 9,689 shares in the last quarter. Institutional investors and hedge funds own 67.78% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on ERAS shares. HC Wainwright boosted their price objective on Erasca from $5.00 to $6.00 and gave the stock a “buy” rating in a research note on Tuesday, August 13th. The Goldman Sachs Group dropped their price objective on Erasca from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Erasca has a consensus rating of “Moderate Buy” and an average target price of $6.00.

Erasca Stock Down 10.2 %

Shares of Erasca stock opened at $2.60 on Tuesday. The stock’s fifty day moving average is $2.88 and its 200-day moving average is $2.44. The firm has a market capitalization of $449.87 million, a PE ratio of -3.09 and a beta of 1.16. Erasca, Inc. has a 12-month low of $1.51 and a 12-month high of $3.45.

Erasca (NASDAQ:ERAS) last announced its earnings results 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). Analysts expect that Erasca, Inc. will post -0.91 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.