Point72 Asset Management L.P. Reduces Holdings in Erasca, Inc. (NASDAQ:ERAS)

Point72 Asset Management L.P. reduced its stake in Erasca, Inc. (NASDAQ:ERAS) by 93.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 63,599 shares of the company’s stock after selling 971,628 shares during the quarter. Point72 Asset Management L.P.’s holdings in Erasca were worth $174,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Erasca by 14.4% in the first quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock worth $8,937,000 after buying an additional 545,765 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Erasca by 50.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 392,490 shares of the company’s stock worth $926,000 after acquiring an additional 131,829 shares during the last quarter. Rhumbline Advisers lifted its position in Erasca by 27.2% during the 2nd quarter. Rhumbline Advisers now owns 154,615 shares of the company’s stock worth $365,000 after acquiring an additional 33,106 shares during the period. Victory Capital Management Inc. grew its stake in Erasca by 82.2% during the 2nd 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 during the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Erasca by 58.1% in the second quarter. American Century Companies Inc. now owns 130,407 shares of the company’s stock valued at $308,000 after purchasing an additional 47,917 shares during the period. 67.78% of the stock is currently owned by institutional investors and hedge funds.

Erasca Trading Down 2.7 %

Shares of NASDAQ:ERAS opened at $2.56 on Friday. The company has a market capitalization of $723.79 million, a PE ratio of -3.08 and a beta of 1.20. Erasca, Inc. has a 12-month low of $1.64 and a 12-month high of $3.45. The business has a 50 day moving average of $2.81 and a two-hundred day moving average of $2.71.

Erasca (NASDAQ:ERAS) last posted its earnings results 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. Equities research analysts predict that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.