Erasca, Inc. (NASDAQ:ERAS) Holdings Lowered by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC cut its stake in Erasca, Inc. (NASDAQ:ERAS) by 43.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,384 shares of the company’s stock after selling 45,097 shares during the period. Exchange Traded Concepts LLC’s holdings in Erasca were worth $162,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Federated Hermes Inc. acquired a new position in shares of Erasca during the 2nd quarter valued at $31,000. Sei Investments Co. acquired a new position in Erasca during the second quarter worth about $39,000. Victory Capital Management Inc. raised its position in Erasca by 82.2% in the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock worth $51,000 after acquiring an additional 9,689 shares in the last quarter. Edmonds Duncan Registered Investment Advisors LLC lifted 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 acquiring an additional 10,000 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Erasca by 27.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock valued at $113,000 after purchasing an additional 10,164 shares in the last quarter. Institutional investors and hedge funds own 67.78% of the company’s stock.

Analyst Ratings Changes

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

Erasca Price Performance

Erasca stock opened at $2.73 on Tuesday. The company has a market cap of $473.27 million, a P/E ratio of -3.25 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. The firm’s 50 day simple moving average is $2.77 and its 200-day simple moving average is $2.52.

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 the consensus estimate of ($0.17) by ($0.12). On average, analysts expect that Erasca, Inc. will post -0.91 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.