Affinity Asset Advisors LLC Makes New $5.90 Million Investment in Erasca, Inc. (NASDAQ:ERAS)

Affinity Asset Advisors LLC purchased a new position in shares of Erasca, Inc. (NASDAQ:ERAS - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,499,431 shares of the company's stock, valued at approximately $5,899,000. Affinity Asset Advisors LLC owned 1.44% of Erasca at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vanguard Personalized Indexing Management LLC acquired a new stake in Erasca during the 4th quarter worth approximately $35,000. Pale Fire Capital SE boosted its holdings in shares of Erasca by 342.0% in the fourth quarter. Pale Fire Capital SE now owns 186,101 shares of the company's stock valued at $396,000 after acquiring an additional 144,000 shares in the last quarter. Pennant Investors LP acquired a new position in shares of Erasca during the fourth quarter worth about $354,000. Sierra Summit Advisors LLC purchased a new position in Erasca during the fourth quarter worth about $225,000. Finally, China Universal Asset Management Co. Ltd. lifted its position in Erasca by 66.1% in the first quarter. China Universal Asset Management Co. Ltd. now owns 29,013 shares of the company's stock valued at $60,000 after purchasing an additional 11,541 shares during the period. Hedge funds and other institutional investors own 67.78% of the company's stock.

Erasca Price Performance

Shares of ERAS stock traded up $0.21 during midday trading on Wednesday, reaching $2.74. 1,828,471 shares of the company traded hands, compared to its average volume of 1,655,378. The firm's 50 day simple moving average is $2.86 and its two-hundred day simple moving average is $2.44. The firm has a market cap of $475.00 million, a PE ratio of -3.26 and a beta of 1.16. 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 quarterly earnings data on Monday, August 12th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.12). As a group, research analysts anticipate that Erasca, Inc. will post -0.91 earnings per share for the current fiscal year.

Analyst Ratings Changes

ERAS has been the topic of several recent analyst reports. The Goldman Sachs Group dropped their target price on Erasca from $4.00 to $3.00 and set a "buy" rating on the stock in a research report on Wednesday, August 14th. HC Wainwright increased their price objective on Erasca from $5.00 to $6.00 and gave the stock a "buy" rating in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Erasca presently has an average rating of "Moderate Buy" and an average price target of $6.00.

About Erasca

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.