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

Fred Alger Management LLC purchased a new stake in Erasca, Inc. (NASDAQ:ERAS - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 230,854 shares of the company's stock, valued at approximately $630,000. Fred Alger Management LLC owned 0.08% of Erasca at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Creative Planning increased its stake in Erasca by 23.0% during the third quarter. Creative Planning now owns 20,014 shares of the company's stock valued at $55,000 after acquiring an additional 3,737 shares during the period. Victory Capital Management Inc. raised its stake in shares of Erasca by 82.2% in the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company's stock valued at $51,000 after purchasing an additional 9,689 shares in the last quarter. Edmonds Duncan Registered Investment Advisors LLC lifted its position in Erasca by 41.2% in the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company's stock worth $81,000 after purchasing an additional 10,000 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Erasca by 27.0% during the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company's stock worth $113,000 after buying an additional 10,164 shares in the last quarter. Finally, Federated Hermes Inc. bought a new stake in Erasca in the 2nd quarter valued at $31,000. 67.78% of the stock is currently owned by institutional investors and hedge funds.

Erasca Stock Performance

ERAS traded up $0.37 during midday trading on Monday, hitting $3.23. The company had a trading volume of 2,861,860 shares, compared to its average volume of 1,623,919. Erasca, Inc. has a twelve month low of $1.63 and a twelve month high of $3.45. The firm's 50-day simple moving average is $2.74 and its 200-day simple moving average is $2.68. The company has a market capitalization of $913.21 million, a PE ratio of -3.75 and a beta of 1.16.

Erasca (NASDAQ:ERAS - Get Free Report) last issued 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. As a group, sell-side analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on ERAS shares. The Goldman Sachs Group lifted their target price on shares of Erasca from $3.00 to $3.50 and gave the company a "buy" rating in a research report 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 initiated coverage on Erasca in a report on Monday, November 18th. They set a "buy" rating and a $6.00 price objective for the company. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $5.90.

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.