Algert Global LLC Boosts Holdings in Erasca, Inc. (NASDAQ:ERAS)

Algert Global LLC raised its position in shares of Erasca, Inc. (NASDAQ:ERAS) by 42.8% during the fourth quarter, HoldingsChannel reports. The fund owned 51,364 shares of the company’s stock after acquiring an additional 15,404 shares during the quarter. Algert Global LLC’s holdings in Erasca were worth $129,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. AXQ Capital LP purchased a new position in shares of Erasca during the 4th quarter worth about $27,000. Neuberger Berman Group LLC bought a new stake in Erasca in the fourth quarter worth about $33,000. Cibc World Markets Corp purchased a new position in shares of Erasca during the fourth quarter valued at approximately $43,000. Tower Research Capital LLC TRC grew its stake in shares of Erasca by 244.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 23,323 shares of the company’s stock valued at $59,000 after buying an additional 16,547 shares during the last quarter. Finally, New York State Common Retirement Fund grew its stake in shares of Erasca by 42.4% during the fourth quarter. New York State Common Retirement Fund now owns 26,859 shares of the company’s stock valued at $67,000 after buying an additional 8,000 shares during the last quarter. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Erasca Stock Down 4.3%

Shares of NASDAQ ERAS opened at $1.33 on Wednesday. Erasca, Inc. has a twelve month low of $1.01 and a twelve month high of $3.45. The business has a fifty day simple moving average of $1.35 and a two-hundred day simple moving average of $1.98. The firm has a market cap of $376.77 million, a PE ratio of -1.60 and a beta of 1.12.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.01. On average, research analysts expect that Erasca, Inc. will post -0.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ERAS. Morgan Stanley restated an “overweight” rating and set a $4.00 price objective on shares of Erasca in a report on Friday, March 7th. The Goldman Sachs Group decreased their target price on Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a research report on Friday, March 21st. HC Wainwright restated a “buy” rating and issued a $6.00 price target on shares of Erasca in a report on Wednesday, April 30th. Finally, Raymond James began coverage on shares of Erasca in a report on Wednesday, March 26th. They set an “outperform” rating and a $5.00 price objective for the company. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $4.83.

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.