Sio Capital Management LLC Decreases Holdings in Erasca, Inc. (NASDAQ:ERAS)

Sio Capital Management LLC trimmed its holdings in Erasca, Inc. (NASDAQ:ERAS - Free Report) by 22.8% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 2,219,186 shares of the company's stock after selling 655,350 shares during the period. Erasca accounts for approximately 2.4% of Sio Capital Management LLC's portfolio, making the stock its 14th largest position. Sio Capital Management LLC owned about 0.79% of Erasca worth $6,058,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Walleye Capital LLC grew its position in Erasca by 41.3% in the 3rd quarter. Walleye Capital LLC now owns 949,557 shares of the company's stock valued at $2,592,000 after buying an additional 277,438 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Erasca in the 3rd quarter valued at about $994,000. MetLife Investment Management LLC lifted its stake in shares of Erasca by 51.7% in the third quarter. MetLife Investment Management LLC now owns 103,686 shares of the company's stock valued at $283,000 after purchasing an additional 35,355 shares during the period. FMR LLC boosted its holdings in Erasca by 32.8% during the third quarter. FMR LLC now owns 306,129 shares of the company's stock worth $836,000 after buying an additional 75,642 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Erasca by 41.4% during the third quarter. The Manufacturers Life Insurance Company now owns 67,661 shares of the company's stock worth $185,000 after buying an additional 19,800 shares during the period. Institutional investors and hedge funds own 67.78% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on ERAS. HC Wainwright reissued a "buy" rating and set a $6.00 price target on shares of Erasca in a research note on Wednesday, November 13th. Jefferies Financial Group started coverage on Erasca in a research note on Monday, November 18th. They set a "buy" rating and a $6.00 price target for the company. Finally, The Goldman Sachs Group increased their price objective 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. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Erasca has an average rating of "Moderate Buy" and a consensus target price of $6.08.

Erasca Stock Performance

Erasca stock traded down $0.06 during midday trading on Friday, reaching $2.86. 696,085 shares of the company were exchanged, compared to its average volume of 1,616,092. The company has a market capitalization of $808.61 million, a price-to-earnings ratio of -3.45 and a beta of 1.16. The firm's 50-day simple moving average is $2.74 and its 200-day simple moving average is $2.66. Erasca, Inc. has a 1 year low of $1.51 and a 1 year high of $3.45.

Erasca (NASDAQ:ERAS - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, beating analysts' consensus estimates of ($0.17) by $0.06. On average, analysts forecast that Erasca, Inc. will post -0.73 EPS 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.