Logos Global Management LP Makes New Investment in Erasca, Inc. (NASDAQ:ERAS)

Logos Global Management LP acquired a new position in Erasca, Inc. (NASDAQ:ERAS - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,900,000 shares of the company's stock, valued at approximately $13,924,000. Erasca accounts for about 1.1% of Logos Global Management LP's portfolio, making the stock its 24th largest holding. Logos Global Management LP owned about 3.40% of Erasca at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of ERAS. Victory Capital Management Inc. raised its holdings in Erasca by 82.2% in the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company's stock valued at $51,000 after acquiring an additional 9,689 shares during the last quarter. Edmonds Duncan Registered Investment Advisors LLC boosted its position in Erasca by 41.2% in the 2nd quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company's stock valued at $81,000 after buying an additional 10,000 shares during the period. China Universal Asset Management Co. Ltd. boosted its position in Erasca by 66.1% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 29,013 shares of the company's stock valued at $60,000 after buying an additional 11,541 shares during the period. Federated Hermes Inc. acquired a new stake in shares of Erasca in the 2nd quarter valued at $31,000. Finally, Aaron Wealth Advisors LLC raised its holdings in shares of Erasca by 107.5% in the 1st quarter. Aaron Wealth Advisors LLC now owns 27,735 shares of the company's stock valued at $57,000 after purchasing an additional 14,367 shares in the last quarter. Institutional investors and hedge funds own 67.78% of the company's stock.

Erasca Trading Down 2.3 %

Shares of NASDAQ:ERAS traded down $0.06 during midday trading on Tuesday, hitting $2.54. The stock had a trading volume of 1,736,931 shares, compared to its average volume of 1,653,194. The company has a market capitalization of $439.47 million, a PE ratio of -3.09 and a beta of 1.16. The stock has a 50 day moving average price of $2.88 and a two-hundred day moving average price of $2.44. 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 issued its earnings results on Monday, August 12th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.12). As a group, equities analysts expect that Erasca, Inc. will post -0.91 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ERAS. The Goldman Sachs Group reduced their price objective on shares of Erasca from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Wednesday, August 14th. HC Wainwright raised their price objective on shares of Erasca from $5.00 to $6.00 and gave the stock a "buy" rating in a research report on Tuesday, August 13th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $6.00.

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.