Erasca, Inc. (NASDAQ:ERAS) Position Decreased by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its holdings in Erasca, Inc. (NASDAQ:ERAS) by 31.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,381 shares of the company’s stock after selling 5,804 shares during the quarter. Principal Financial Group Inc.’s holdings in Erasca were worth $34,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Franklin Resources Inc. acquired a new position in Erasca in the third quarter worth approximately $181,000. Barclays PLC grew its holdings in shares of Erasca by 627.5% in the 3rd quarter. Barclays PLC now owns 343,930 shares of the company’s stock worth $939,000 after acquiring an additional 296,657 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Erasca by 36.0% during the third quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock worth $12,295,000 after purchasing an additional 1,190,807 shares during the period. Frazier Life Sciences Management L.P. lifted its holdings in shares of Erasca by 19.6% during the third quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock valued at $52,939,000 after purchasing an additional 3,175,471 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Erasca by 145.2% in the 3rd 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 period. 67.78% of the stock is currently owned by institutional investors.

Erasca Stock Up 3.0 %

ERAS stock opened at $2.75 on Wednesday. Erasca, Inc. has a 12-month low of $1.64 and a 12-month high of $3.45. The company has a market cap of $777.50 million, a price-to-earnings ratio of -3.31 and a beta of 1.21. The company has a 50 day moving average of $2.77 and a two-hundred day moving average of $2.75.

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

Wall Street Analysts Forecast Growth

ERAS has been the topic of several recent analyst reports. Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a report on Tuesday. Jefferies Financial Group started coverage on shares of Erasca in a research note on Monday, November 18th. They issued a “buy” rating and a $6.00 price objective for the company. The Goldman Sachs Group boosted their target price on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $6.00 target price on shares of Erasca in a research report on Wednesday, November 13th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Erasca currently has a consensus rating of “Buy” and an average target price of $5.70.

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.