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

Spruce Street Capital LP bought a new position in shares of Erasca, Inc. (NASDAQ:ERAS) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 422,543 shares of the company’s stock, valued at approximately $7,740,988,000. Erasca makes up about 1.5% of Spruce Street Capital LP’s investment portfolio, making the stock its 20th biggest position.

A number of other hedge funds also recently modified their holdings of ERAS. BNP Paribas Financial Markets raised its stake in Erasca by 58.0% in the second quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock valued at $27,000 after purchasing an additional 7,923 shares in the last quarter. EP Wealth Advisors LLC bought a new stake in Erasca during the second quarter worth about $29,000. Russell Investments Group Ltd. acquired a new stake in Erasca during the third quarter worth about $31,000. Allworth Financial LP acquired a new stake in Erasca during the second quarter worth about $34,000. Finally, EntryPoint Capital LLC bought a new position in Erasca in the 4th quarter valued at about $38,000. Institutional investors own 67.78% of the company’s stock.

Erasca Stock Performance

Shares of NASDAQ:ERAS opened at $17.60 on Tuesday. Erasca, Inc. has a 52-week low of $1.33 and a 52-week high of $24.28. The company has a market capitalization of $6.16 billion, a PE ratio of -18.53 and a beta of 0.66. The company has a fifty day moving average of $17.81 and a 200-day moving average of $15.37.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.03). On average, equities analysts forecast that Erasca, Inc. will post -0.48 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ERAS shares. HC Wainwright boosted their target price 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. Wall Street Zen lowered shares of Erasca from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Bank of America lifted their price objective on shares of Erasca from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, August 14th. Mizuho lowered their price objective on shares of Erasca from $28.00 to $26.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Erasca in a research note on Tuesday, July 14th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock 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.