16,216,216 Shares in Erasca, Inc. (NASDAQ:ERAS) Purchased by Frazier Life Sciences Management L.P.

Frazier Life Sciences Management L.P. acquired a new position in shares of Erasca, Inc. (NASDAQ:ERAS) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 16,216,216 shares of the company’s stock, valued at approximately $38,270,000. Erasca comprises approximately 1.8% of Frazier Life Sciences Management L.P.’s investment portfolio, making the stock its 17th biggest position. Frazier Life Sciences Management L.P. owned 0.09% of Erasca at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. The Manufacturers Life Insurance Company increased its position in shares of Erasca by 27.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock worth $113,000 after purchasing an additional 10,164 shares during the last quarter. Affinity Asset Advisors LLC acquired a new position in Erasca in the 2nd quarter valued at about $5,899,000. Squarepoint Ops LLC grew its position in Erasca by 169.3% in the 2nd quarter. Squarepoint Ops LLC now owns 150,826 shares of the company’s stock valued at $356,000 after acquiring an additional 94,829 shares in the last quarter. Marshall Wace LLP acquired a new position in Erasca in the 2nd quarter valued at about $8,667,000. Finally, Logos Global Management LP acquired a new position in Erasca in the 2nd quarter valued at about $13,924,000. 67.78% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ERAS shares. The Goldman Sachs Group dropped their target price on Erasca from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. HC Wainwright lifted their target price on Erasca from $5.00 to $6.00 and gave the company a “buy” rating in a research report 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $6.00.

Erasca Stock Performance

Shares of Erasca stock opened at $2.68 on Friday. Erasca, Inc. has a one year low of $1.51 and a one year high of $3.45. The company has a market cap of $464.60 million, a PE ratio of -3.19 and a beta of 1.16. The business has a 50-day simple moving average of $2.85 and a 200-day simple moving average of $2.45.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.29) 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 earnings per share for the current fiscal year.

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.