Cresset Asset Management LLC Takes Position in Erasca, Inc. (NASDAQ:ERAS)

Cresset Asset Management LLC acquired a new stake in Erasca, Inc. (NASDAQ:ERAS) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 79,913 shares of the company’s stock, valued at approximately $201,000.

Other institutional investors have also modified their holdings of the company. SG Americas Securities LLC lifted its stake in Erasca by 19.4% in the 4th quarter. SG Americas Securities LLC now owns 77,545 shares of the company’s stock worth $195,000 after acquiring an additional 12,599 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in Erasca by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 59,949 shares of the company’s stock worth $150,000 after acquiring an additional 5,614 shares in the last quarter. Rhumbline Advisers lifted its stake in Erasca by 5.4% in the 4th quarter. Rhumbline Advisers now owns 223,888 shares of the company’s stock worth $562,000 after acquiring an additional 11,400 shares in the last quarter. New York State Common Retirement Fund lifted its stake in Erasca by 42.4% in the 4th quarter. New York State Common Retirement Fund now owns 26,859 shares of the company’s stock worth $67,000 after acquiring an additional 8,000 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Erasca by 6.9% in the 4th quarter. Bank of New York Mellon Corp now owns 544,819 shares of the company’s stock worth $1,367,000 after purchasing an additional 35,268 shares during the last quarter. Institutional investors and hedge funds own 67.78% of the company’s stock.

Erasca Stock Performance

ERAS opened at $1.29 on Monday. Erasca, Inc. has a 52-week low of $1.01 and a 52-week high of $3.45. The firm has a market capitalization of $364.02 million, a PE ratio of -1.55 and a beta of 1.12. The business’s 50-day simple moving average is $1.34 and its 200 day simple moving average is $1.94.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings results 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 forecast that Erasca, Inc. will post -0.73 earnings per share for the current year.

Wall Street Analyst Weigh In

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

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.