Squarepoint Ops LLC Grows Holdings in Erasca, Inc. (NASDAQ:ERAS)

Squarepoint Ops LLC increased its stake in shares of Erasca, Inc. (NASDAQ:ERAS) by 169.3% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 150,826 shares of the company’s stock after purchasing an additional 94,829 shares during the period. Squarepoint Ops LLC owned approximately 0.09% of Erasca worth $356,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of ERAS. Federated Hermes Inc. purchased a new stake in shares of Erasca in the 2nd quarter valued at $31,000. Sei Investments Co. purchased a new stake in Erasca during the 2nd quarter worth approximately $39,000. Victory Capital Management Inc. lifted its holdings in 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 buying an additional 9,689 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its stake in shares of Erasca by 66.1% in the first quarter. China Universal Asset Management Co. Ltd. now owns 29,013 shares of the company’s stock valued at $60,000 after acquiring an additional 11,541 shares in the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC boosted its holdings in Erasca by 41.2% in the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock valued at $81,000 after purchasing an additional 10,000 shares during the period. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ERAS. HC Wainwright upped their target price on shares of 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 target price on Erasca from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $6.00.

Erasca Price Performance

Shares of ERAS opened at $2.56 on Friday. The firm has a fifty day moving average price of $2.73 and a 200 day moving average price of $2.47. The stock has a market cap of $443.80 million, a PE ratio of -3.05 and a beta of 1.16. Erasca, Inc. has a 1-year low of $1.51 and a 1-year 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). As a group, equities analysts expect that Erasca, Inc. will post -0.91 EPS for the current fiscal year.

Erasca Company 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.