Erasca, Inc. (NASDAQ:ERAS) Holdings Boosted by Frazier Life Sciences Management L.P.

Frazier Life Sciences Management L.P. grew its holdings in shares of Erasca, Inc. (NASDAQ:ERAS - Free Report) by 19.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,391,687 shares of the company's stock after acquiring an additional 3,175,471 shares during the period. Erasca comprises about 2.1% of Frazier Life Sciences Management L.P.'s investment portfolio, making the stock its 14th biggest holding. Frazier Life Sciences Management L.P. owned approximately 6.86% of Erasca worth $52,939,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. State Street Corp grew its stake in Erasca by 145.2% in the third quarter. State Street Corp now owns 6,027,620 shares of the company's stock worth $16,455,000 after purchasing an additional 3,569,440 shares in the last quarter. Logos Global Management LP acquired a new position in Erasca in the second quarter worth about $13,924,000. PFM Health Sciences LP grew its stake in Erasca by 4.4% in the third quarter. PFM Health Sciences LP now owns 4,876,911 shares of the company's stock worth $13,314,000 after purchasing an additional 205,137 shares in the last quarter. Vanguard Group Inc. grew its stake in Erasca by 14.4% in the first quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company's stock worth $8,937,000 after purchasing an additional 545,765 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in Erasca in the second quarter worth about $8,667,000. 67.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ERAS. The Goldman Sachs Group lifted their price target on Erasca from $3.00 to $3.50 and gave the stock a "buy" rating in a research note on Friday, October 25th. HC Wainwright reissued a "buy" rating and issued a $6.00 target price on shares of Erasca in a report on Wednesday, November 13th. Finally, Jefferies Financial Group assumed coverage on shares of Erasca in a report on Monday, November 18th. They issued a "buy" rating and a $6.00 target price on the stock. One research 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, Erasca presently has an average rating of "Moderate Buy" and a consensus target price of $5.90.

Erasca Stock Performance

Shares of ERAS traded down $0.02 during mid-day trading on Tuesday, reaching $2.96. 1,349,187 shares of the company's stock traded hands, compared to its average volume of 1,609,034. The business's 50-day moving average price is $2.80 and its 200-day moving average price is $2.71. The stock has a market capitalization of $836.87 million, a P/E ratio of -3.57 and a beta of 1.20. Erasca, Inc. has a 12 month low of $1.64 and a 12 month high of $3.45.

Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings results 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. Equities research analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current 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.