Principal Financial Group Inc. Reduces Position in Erasca, Inc. (NASDAQ:ERAS)

Principal Financial Group Inc. lowered its holdings in Erasca, Inc. (NASDAQ:ERAS) by 47.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,185 shares of the company’s stock after selling 16,626 shares during the period. Principal Financial Group Inc.’s holdings in Erasca were worth $43,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Erasca during the 4th quarter valued at approximately $35,000. RPO LLC bought a new stake in shares of Erasca in the fourth quarter worth $44,000. Aaron Wealth Advisors LLC raised its holdings in Erasca by 107.5% in the first quarter. Aaron Wealth Advisors LLC now owns 27,735 shares of the company’s stock valued at $57,000 after acquiring an additional 14,367 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in Erasca by 66.1% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 29,013 shares of the company’s stock valued at $60,000 after acquiring an additional 11,541 shares during the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC grew its holdings in Erasca by 41.2% during the 2nd 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 in the last quarter. Institutional investors and hedge funds own 67.78% of the company’s stock.

Erasca Price Performance

ERAS stock opened at $2.82 on Tuesday. The firm has a fifty day moving average price of $2.88 and a two-hundred day moving average price of $2.42. Erasca, Inc. has a 1-year low of $1.51 and a 1-year high of $3.45. The firm has a market cap of $488.87 million, a price-to-earnings ratio of -3.36 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.12). As a group, analysts expect that Erasca, Inc. will post -0.91 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Erasca 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.