Marshall Wace LLP Makes New Investment in Erasca, Inc. (NASDAQ:ERAS)

Marshall Wace LLP bought a new stake in shares of Erasca, Inc. (NASDAQ:ERAS) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 3,672,375 shares of the company’s stock, valued at approximately $8,667,000. Marshall Wace LLP owned approximately 2.12% of Erasca at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Victory Capital Management Inc. boosted its position in Erasca by 82.2% during the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after purchasing an additional 9,689 shares in the last quarter. Edmonds Duncan Registered Investment Advisors LLC boosted its holdings in shares of Erasca by 41.2% in the 2nd quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock valued at $81,000 after buying an additional 10,000 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its position in shares of Erasca by 66.1% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 29,013 shares of the company’s stock worth $60,000 after buying an additional 11,541 shares during the last quarter. Federated Hermes Inc. bought a new position in shares of Erasca during the 2nd quarter worth approximately $31,000. Finally, Sei Investments Co. bought a new position in shares of Erasca during the 2nd quarter worth approximately $39,000. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

Erasca Trading Down 1.1 %

Shares of Erasca stock opened at $2.68 on Monday. The firm’s 50 day simple moving average is $2.85 and its two-hundred day simple moving average is $2.45. The firm has a market capitalization of $464.60 million, a price-to-earnings ratio of -3.19 and a beta of 1.16. Erasca, Inc. has a 12-month low of $1.51 and a 12-month high of $3.45.

Erasca (NASDAQ:ERAS) last issued its earnings results on Monday, August 12th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.12). On average, sell-side analysts predict that Erasca, Inc. will post -0.91 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on ERAS shares. The Goldman Sachs Group cut their price target on shares of Erasca from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. HC Wainwright boosted their target price on Erasca from $5.00 to $6.00 and gave the stock a “buy” rating in a research note on Tuesday, August 13th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $6.00.

About Erasca

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.