Los Angeles Capital Management LLC Makes New $45,000 Investment in Erasca, Inc. $ERAS

Los Angeles Capital Management LLC purchased a new stake in shares of Erasca, Inc. (NASDAQ:ERAS) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 35,075 shares of the company’s stock, valued at approximately $45,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Frazier Life Sciences Management L.P. raised its stake in Erasca by 16.4% during the 1st quarter. Frazier Life Sciences Management L.P. now owns 22,575,851 shares of the company’s stock valued at $30,929,000 after purchasing an additional 3,184,164 shares during the period. Affinity Asset Advisors LLC grew its holdings in shares of Erasca by 33.7% during the first quarter. Affinity Asset Advisors LLC now owns 3,341,519 shares of the company’s stock valued at $4,578,000 after buying an additional 842,088 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in Erasca by 3.5% during the first quarter. T. Rowe Price Investment Management Inc. now owns 17,292,164 shares of the company’s stock valued at $23,691,000 after buying an additional 581,817 shares during the period. Nuveen LLC purchased a new stake in Erasca in the 1st quarter worth about $663,000. Finally, Wellington Management Group LLP lifted its stake in Erasca by 82.6% in the 1st quarter. Wellington Management Group LLP now owns 850,147 shares of the company’s stock worth $1,165,000 after acquiring an additional 384,475 shares in the last quarter. Institutional investors and hedge funds own 67.78% of the company’s stock.

Analyst Ratings Changes

ERAS has been the topic of a number of research analyst reports. Bank of America reaffirmed an “underperform” rating and set a $1.00 price objective (down from $4.00) on shares of Erasca in a research report on Wednesday, September 3rd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $2.00 price target (down from $4.00) on shares of Erasca in a research note on Monday, August 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a report on Wednesday, October 8th. Guggenheim boosted their target price on Erasca from $3.00 to $5.00 and gave the company a “buy” rating in a research note on Friday, November 14th. Finally, Stifel Nicolaus set a $6.00 target price on Erasca in a research report on Thursday, November 6th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $4.00.

Erasca Price Performance

Erasca stock opened at $2.86 on Wednesday. Erasca, Inc. has a one year low of $1.01 and a one year high of $3.30. The company’s fifty day moving average price is $2.23 and its two-hundred day moving average price is $1.73. The company has a market capitalization of $811.41 million, a price-to-earnings ratio of -6.36 and a beta of 1.19.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.11). 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.