AXQ Capital LP Takes Position in Erasca, Inc. (NASDAQ:ERAS)

AXQ Capital LP acquired a new stake in shares of Erasca, Inc. (NASDAQ:ERAS) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 10,681 shares of the company’s stock, valued at approximately $27,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State Street Corp grew its holdings in shares of Erasca by 145.2% during the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock valued at $16,455,000 after purchasing an additional 3,569,440 shares during the last quarter. Frazier Life Sciences Management L.P. grew its stake in Erasca by 19.6% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock worth $52,939,000 after buying an additional 3,175,471 shares during the last quarter. Geode Capital Management LLC increased its position in Erasca by 36.0% in the third quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock worth $12,295,000 after buying an additional 1,190,807 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Erasca by 29.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,723,630 shares of the company’s stock valued at $4,706,000 after buying an additional 390,209 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Erasca during the third quarter valued at $994,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

Erasca Price Performance

NASDAQ ERAS opened at $1.49 on Tuesday. Erasca, Inc. has a 12 month low of $1.23 and a 12 month high of $3.45. The firm has a market capitalization of $421.26 million, a PE ratio of -1.80 and a beta of 1.22. The company’s 50 day simple moving average is $1.62 and its 200 day simple moving average is $2.35.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Thursday, March 20th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.01. During the same period in the prior year, the company posted ($0.20) earnings per share. Sell-side analysts anticipate that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ERAS has been the topic of a number of analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Erasca in a report on Friday. Morgan Stanley reiterated an “overweight” rating and set a $4.00 price objective on shares of Erasca in a research report on Friday, March 7th. The Goldman Sachs Group decreased their price objective on Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a report on Friday. Finally, Bank of America raised Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a research note on Tuesday, January 7th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Erasca presently has a consensus rating of “Buy” and a consensus price target of $4.80.

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.