Rhumbline Advisers Cuts Stake in Erasca, Inc. (NASDAQ:ERAS)

Rhumbline Advisers lowered its holdings in Erasca, Inc. (NASDAQ:ERAS) by 6.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 209,443 shares of the company’s stock after selling 14,445 shares during the quarter. Rhumbline Advisers’ holdings in Erasca were worth $287,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. AXQ Capital LP acquired a new stake in Erasca in the fourth quarter valued at $27,000. Mackenzie Financial Corp acquired a new position in Erasca during the fourth quarter worth $28,000. Neuberger Berman Group LLC acquired a new position in Erasca during the fourth quarter worth $33,000. Brevan Howard Capital Management LP purchased a new stake in Erasca during the fourth quarter worth $41,000. Finally, Cibc World Markets Corp purchased a new stake in Erasca during the fourth quarter worth $43,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

Erasca Stock Performance

ERAS stock opened at $1.45 on Wednesday. The stock has a market capitalization of $410.77 million, a P/E ratio of -2.34 and a beta of 1.09. Erasca, Inc. has a one year low of $1.01 and a one year high of $3.45. The company has a 50 day moving average price of $1.37 and a two-hundred day moving average price of $1.67.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.01. Research analysts forecast that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have commented on ERAS shares. Raymond James Financial started coverage on Erasca in a research report on Wednesday, March 26th. They set an “outperform” rating and a $5.00 target price on the stock. HC Wainwright reiterated a “buy” rating and set a $6.00 target price on shares of Erasca in a research report on Wednesday, April 30th. The Goldman Sachs Group decreased 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. Guggenheim set a $3.00 target price on Erasca and gave the stock a “buy” rating in a research report on Wednesday, May 14th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $4.00 target price on shares of Erasca in a research report on Friday, March 7th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $4.57.

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.