Affinity Asset Advisors LLC Raises Stock Position in Erasca, Inc. $ERAS

Affinity Asset Advisors LLC grew its stake in shares of Erasca, Inc. (NASDAQ:ERAS) by 22.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,085,787 shares of the company’s stock after acquiring an additional 744,268 shares during the period. Affinity Asset Advisors LLC’s holdings in Erasca were worth $5,189,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Dynamic Technology Lab Private Ltd grew its stake in Erasca by 180.8% in the second quarter. Dynamic Technology Lab Private Ltd now owns 29,177 shares of the company’s stock worth $37,000 after purchasing an additional 18,788 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Erasca during the 2nd quarter valued at $45,000. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Erasca by 130.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 36,362 shares of the company’s stock worth $46,000 after buying an additional 20,558 shares during the period. New York State Common Retirement Fund grew its position in shares of Erasca by 39.1% during the 2nd quarter. New York State Common Retirement Fund now owns 37,360 shares of the company’s stock worth $47,000 after buying an additional 10,501 shares in the last quarter. Finally, Panagora Asset Management Inc. bought a new position in shares of Erasca during the 2nd quarter worth $63,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Erasca Price Performance

Shares of NASDAQ:ERAS opened at $3.27 on Friday. The business’s 50-day moving average is $2.56 and its 200 day moving average is $1.88. Erasca, Inc. has a 1 year low of $1.01 and a 1 year high of $3.38. The firm has a market capitalization of $927.73 million, a P/E ratio of -7.27 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). On average, analysts expect that Erasca, Inc. will post -0.73 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ERAS. Stifel Nicolaus set a $6.00 price objective on Erasca in a report on Thursday, November 6th. Morgan Stanley reissued an “equal weight” rating and set a $2.00 target price (down previously from $4.00) on shares of Erasca in a research report on Monday, August 18th. Bank of America restated an “underperform” rating and issued a $1.00 price target (down previously from $4.00) on shares of Erasca in a report on Wednesday, September 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a research note on Wednesday, October 8th. Finally, Guggenheim lifted their price objective on shares of Erasca from $3.00 to $5.00 and gave the company a “buy” rating in a report on Friday, November 14th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Erasca presently has an average rating of “Hold” and a consensus target price of $4.00.

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.