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

Fred Alger Management LLC bought a new stake in Erasca, Inc. (NASDAQ:ERAS) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 230,854 shares of the company’s stock, valued at approximately $630,000. Fred Alger Management LLC owned approximately 0.08% of Erasca at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Frazier Life Sciences Management L.P. bought a new position in shares of Erasca in the 2nd quarter valued at about $38,270,000. Logos Global Management LP bought a new stake in Erasca in the second quarter valued at approximately $13,924,000. Vanguard Group Inc. lifted its position in shares of Erasca by 14.4% in the first quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock valued at $8,937,000 after buying an additional 545,765 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Erasca in the second quarter valued at approximately $8,667,000. Finally, Affinity Asset Advisors LLC acquired a new position in shares of Erasca during the 2nd quarter worth approximately $5,899,000. 67.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ERAS has been the subject of a number of research analyst reports. Jefferies Financial Group assumed coverage on shares of Erasca in a research report on Monday, November 18th. They set a “buy” rating and a $6.00 price objective for the company. The Goldman Sachs Group upped their price target on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, HC Wainwright restated a “buy” rating and set a $6.00 price objective on shares of Erasca in a research report on Wednesday, November 13th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $5.90.

Erasca Stock Performance

Shares of Erasca stock opened at $2.86 on Monday. Erasca, Inc. has a 52-week low of $1.51 and a 52-week high of $3.45. The stock has a market cap of $808.61 million, a PE ratio of -3.45 and a beta of 1.16. The firm has a 50-day moving average of $2.74 and a 200-day moving average of $2.67.

Erasca (NASDAQ:ERAS) last announced its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.06. Equities research analysts predict that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

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.