Erasca, Inc. $ERAS Stock Position Boosted by Affinity Asset Advisors LLC

Affinity Asset Advisors LLC lifted its stake in shares of Erasca, Inc. (NASDAQ:ERAS) by 37.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 5,350,000 shares of the company’s stock after acquiring an additional 1,450,000 shares during the quarter. Erasca makes up about 4.5% of Affinity Asset Advisors LLC’s investment portfolio, making the stock its 3rd biggest position. Affinity Asset Advisors LLC’s holdings in Erasca were worth $86,563,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of ERAS. Renaissance Technologies LLC lifted its stake in Erasca by 64.6% in the first quarter. Renaissance Technologies LLC now owns 1,398,869 shares of the company’s stock valued at $22,634,000 after buying an additional 548,769 shares during the last quarter. Siren L.L.C. increased its holdings in shares of Erasca by 28.4% in the 1st quarter. Siren L.L.C. now owns 11,244,246 shares of the company’s stock valued at $181,932,000 after acquiring an additional 2,486,997 shares during the period. Sei Investments Co. raised its position in Erasca by 90.4% in the 1st quarter. Sei Investments Co. now owns 31,760 shares of the company’s stock valued at $514,000 after purchasing an additional 15,078 shares during the last quarter. State of Wyoming purchased a new stake in Erasca in the 1st quarter valued at $95,000. Finally, Baader Bank Aktiengesellschaft acquired a new stake in Erasca during the 1st quarter worth $291,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

Erasca Price Performance

Shares of ERAS stock opened at $19.11 on Friday. The firm has a market cap of $5.94 billion, a P/E ratio of -20.55 and a beta of 0.66. Erasca, Inc. has a 1-year low of $1.33 and a 1-year high of $24.28. The firm’s 50-day simple moving average is $15.44 and its 200-day simple moving average is $13.92.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.48). Analysts expect that Erasca, Inc. will post -0.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ERAS shares. Morgan Stanley increased their target price on shares of Erasca from $12.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Monday, July 20th. Mizuho reduced their price objective on Erasca from $28.00 to $26.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. HC Wainwright reaffirmed a “buy” rating on shares of Erasca in a research report on Tuesday, July 14th. Jefferies Financial Group reiterated a “buy” rating on shares of Erasca in a research note on Tuesday, July 14th. Finally, HSBC set a $20.00 target price on Erasca in a report on Tuesday, July 14th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Erasca has an average rating of “Moderate Buy” and a consensus price target of $21.64.

Erasca News Roundup

Here are the key news stories impacting Erasca this week:

• Neutral Sentiment: Several firms, including Rosen, Kaplan Fox, Faruqi & Faruqi, and others, reiterated the upcoming lead-plaintiff deadline in the Erasca class-action case, keeping investor attention focused on the lawsuit and potential damages. Article
• Neutral Sentiment: Bronstein, Gewirtz & Grossman, Pomerantz, Glancy Prongay, Schall, and other firms also publicized the pending securities-fraud action, underscoring that the litigation remains active and could weigh on sentiment. Article
• Negative Sentiment: The lawsuit alleges Erasca and certain executives misled investors about the competitive position, safety profile, and intellectual-property protection of its lead oncology candidate, ERAS-0015, which could increase legal risk and pressure the stock. Article

Erasca Profile

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.