Intech Investment Management LLC Takes Position in Erasca, Inc. (NASDAQ:ERAS)

Intech Investment Management LLC purchased a new position in Erasca, Inc. (NASDAQ:ERAS) in the third quarter, Holdings Channel reports. The fund purchased 63,286 shares of the company’s stock, valued at approximately $173,000.

Other hedge funds also recently bought and sold shares of the company. Federated Hermes Inc. purchased a new stake in shares of Erasca in the second quarter valued at approximately $31,000. Sei Investments Co. acquired a new stake in Erasca in the 2nd quarter valued at $39,000. Creative Planning grew its stake in Erasca by 23.0% in the 3rd quarter. Creative Planning now owns 20,014 shares of the company’s stock valued at $55,000 after acquiring an additional 3,737 shares during the period. Victory Capital Management Inc. increased its holdings in Erasca by 82.2% in the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock worth $51,000 after acquiring an additional 9,689 shares in the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC raised its position in Erasca by 41.2% during the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock worth $81,000 after acquiring an additional 10,000 shares during the period. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Erasca Stock Up 4.5 %

Erasca stock opened at $3.03 on Friday. The company has a fifty day simple moving average of $2.78 and a 200-day simple moving average of $2.70. The firm has a market capitalization of $856.66 million, a price-to-earnings ratio of -3.49 and a beta of 1.20. Erasca, Inc. has a 52-week low of $1.64 and a 52-week high of $3.45.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.06. On average, research analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently issued reports on ERAS shares. The Goldman Sachs Group lifted their target price on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Friday, October 25th. Jefferies Financial Group assumed coverage on shares of Erasca in a research note on Monday, November 18th. They issued a “buy” rating and a $6.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $6.00 price objective on shares of Erasca in a research note on Wednesday, November 13th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $5.90.

Erasca Company 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.