Spruce Street Capital LP Takes $7.74 Million Position in Erasca, Inc. $ERAS

Spruce Street Capital LP acquired a new stake in Erasca, Inc. (NASDAQ:ERAS) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 422,543 shares of the company’s stock, valued at approximately $7,740,988. Erasca accounts for 0.0% of Spruce Street Capital LP’s holdings, making the stock its 20th biggest holding. Spruce Street Capital LP owned 0.12% of Erasca as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its holdings in shares of Erasca by 594.8% in the 1st quarter. AQR Capital Management LLC now owns 396,202 shares of the company’s stock valued at $543,000 after buying an additional 339,177 shares during the period. Geode Capital Management LLC lifted its stake in Erasca by 1.6% in the second quarter. Geode Capital Management LLC now owns 4,835,642 shares of the company’s stock valued at $6,143,000 after buying an additional 77,790 shares during the period. Creative Planning grew its position in Erasca by 423.3% in the second quarter. Creative Planning now owns 244,332 shares of the company’s stock valued at $310,000 after purchasing an additional 197,637 shares in the last quarter. New York State Common Retirement Fund boosted its stake in Erasca by 39.1% in the 2nd quarter. New York State Common Retirement Fund now owns 37,360 shares of the company’s stock valued at $47,000 after purchasing an additional 10,501 shares during the period. Finally, Invesco Ltd. lifted its stake in Erasca by 51.6% in the 2nd quarter. Invesco Ltd. now owns 172,226 shares of the company’s stock valued at $219,000 after purchasing an additional 58,643 shares during the last quarter. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

Erasca Price Performance

NASDAQ:ERAS traded down $1.37 during mid-day trading on Friday, reaching $18.12. The stock had a trading volume of 1,503,785 shares, compared to its average volume of 6,040,366. The stock has a 50-day simple moving average of $18.11 and a two-hundred day simple moving average of $15.52. Erasca, Inc. has a 12 month low of $1.33 and a 12 month high of $24.28. The stock has a market capitalization of $6.34 billion, a PE ratio of -19.07 and a beta of 0.66.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.03). Equities analysts expect that Erasca, Inc. will post -0.49 EPS for the current year.

Wall Street Analysts Forecast Growth

ERAS has been the subject of a number of analyst reports. HC Wainwright raised their price objective on shares of Erasca from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Mizuho cut their price objective on shares of Erasca from $28.00 to $26.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Morgan Stanley upped their price target on shares of Erasca from $12.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday, July 20th. Wolfe Research set a $16.00 target price on shares of Erasca in a research note on Thursday, June 4th. Finally, Bank of America increased their price objective on Erasca from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, August 14th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $22.09.

Erasca Profile

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.