Geode Capital Management LLC Raises Position in Erasca, Inc. (NASDAQ:ERAS)

Geode Capital Management LLC increased its position in shares of Erasca, Inc. (NASDAQ:ERAS) by 36.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 4,502,698 shares of the company’s stock after purchasing an additional 1,190,807 shares during the period. Geode Capital Management LLC’s holdings in Erasca were worth $12,295,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Frazier Life Sciences Management L.P. lifted its holdings in shares of Erasca by 19.6% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock valued at $52,939,000 after buying an additional 3,175,471 shares during the period. State Street Corp lifted its holdings in Erasca by 145.2% in the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock valued at $16,455,000 after acquiring an additional 3,569,440 shares during the period. Logos Global Management LP purchased a new stake in shares of Erasca during the 2nd quarter worth $13,924,000. PFM Health Sciences LP grew its stake in shares of Erasca by 4.4% during the 3rd quarter. PFM Health Sciences LP now owns 4,876,911 shares of the company’s stock worth $13,314,000 after purchasing an additional 205,137 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of Erasca in the 2nd quarter valued at about $8,667,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on ERAS. HC Wainwright reissued a “buy” rating and set a $6.00 price objective on shares of Erasca in a report on Wednesday, November 13th. Jefferies Financial Group initiated coverage on Erasca in a research note on Monday, November 18th. They set a “buy” rating and a $6.00 price target on the stock. Finally, 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 research note on Friday, October 25th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $5.90.

Erasca Price Performance

ERAS stock opened at $2.51 on Wednesday. The company’s 50 day simple moving average is $2.77 and its 200-day simple moving average is $2.73. Erasca, Inc. has a 12 month low of $1.64 and a 12 month high of $3.45. The firm has a market capitalization of $709.64 million, a PE ratio of -3.02 and a beta of 1.20.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.06. As a group, sell-side analysts anticipate that Erasca, Inc. will post -0.73 earnings per share for the current 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.