Fred Alger Management LLC Acquires New Position in Erasca, Inc. (NASDAQ:ERAS)

Fred Alger Management LLC acquired a new stake in shares of Erasca, Inc. (NASDAQ:ERAS) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 230,854 shares of the company’s stock, valued at approximately $630,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Frazier Life Sciences Management L.P. acquired a new position in shares of Erasca during the 2nd quarter worth $38,270,000. Logos Global Management LP bought a new position in shares of Erasca in the second quarter worth about $13,924,000. Marshall Wace LLP acquired a new stake in shares of Erasca in the 2nd quarter valued at approximately $8,667,000. Affinity Asset Advisors LLC bought a new stake in shares of Erasca during the 2nd quarter valued at approximately $5,899,000. Finally, Sofinnova Investments Inc. acquired a new position in Erasca during the 2nd quarter worth approximately $4,011,000. 67.78% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Erasca Stock Down 2.1 %

NASDAQ ERAS opened at $2.86 on Monday. The company has a market capitalization of $808.61 million, a price-to-earnings ratio of -3.45 and a beta of 1.16. Erasca, Inc. has a twelve month low of $1.51 and a twelve month high of $3.45. The stock has a fifty day simple moving average of $2.74 and a 200 day simple moving average of $2.67.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.06. Research analysts expect that Erasca, Inc. will post -0.73 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.