Geode Capital Management LLC Has $12.30 Million Position in Erasca, Inc. (NASDAQ:ERAS)

Geode Capital Management LLC increased its position in Erasca, Inc. (NASDAQ:ERAS - Free Report) by 36.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,502,698 shares of the company's stock after acquiring an additional 1,190,807 shares during the period. Geode Capital Management LLC owned approximately 1.59% of Erasca worth $12,295,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. State Street Corp lifted its position 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 during the period. The Manufacturers Life Insurance Company raised its stake in shares of Erasca by 27.0% in the 2nd 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. Fred Alger Management LLC acquired a new stake in shares of Erasca in the third quarter valued at $630,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Erasca during the third quarter valued at about $994,000. Finally, Barclays PLC grew its holdings in Erasca by 627.5% during the third quarter. Barclays PLC now owns 343,930 shares of the company's stock worth $939,000 after acquiring an additional 296,657 shares during the period. 67.78% of the stock is owned by institutional investors and hedge funds.

Erasca Stock Performance

Shares of ERAS stock traded down $0.04 during trading on Wednesday, hitting $2.51. 503,990 shares of the company were exchanged, compared to its average volume of 1,595,022. The firm has a market capitalization of $709.64 million, a price-to-earnings ratio of -3.02 and a beta of 1.20. The business's 50-day simple moving average is $2.77 and its 200 day simple moving average is $2.73. Erasca, Inc. has a twelve month low of $1.64 and a twelve month high of $3.45.

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

Analysts Set New Price Targets

ERAS has been the subject of several recent research reports. Jefferies Financial Group initiated coverage on shares of Erasca in a research note on Monday, November 18th. They set a "buy" rating and a $6.00 target price for the company. HC Wainwright reaffirmed a "buy" rating and set a $6.00 target price on shares of Erasca in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group upped 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 four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $5.90.

Erasca Company 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.