Frazier Life Sciences Management L.P. Makes New Investment in Erasca, Inc. (NASDAQ:ERAS)

Frazier Life Sciences Management L.P. bought a new stake in Erasca, Inc. (NASDAQ:ERAS - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 16,216,216 shares of the company's stock, valued at approximately $38,270,000. Erasca makes up approximately 1.8% of Frazier Life Sciences Management L.P.'s investment portfolio, making the stock its 17th largest holding. Frazier Life Sciences Management L.P. owned about 9.35% of Erasca as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in ERAS. Federated Hermes Inc. acquired a new position in Erasca in the second quarter valued at about $31,000. Sei Investments Co. bought a new stake in Erasca during the 2nd quarter worth approximately $39,000. Victory Capital Management Inc. grew its position in Erasca by 82.2% during the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company's stock worth $51,000 after acquiring an additional 9,689 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in Erasca by 66.1% during the 1st 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 in the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC raised 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 purchasing an additional 10,000 shares during the last quarter. Institutional investors own 67.78% of the company's stock.

Wall Street Analysts Forecast Growth

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

Erasca Trading Down 1.1 %

Shares of NASDAQ:ERAS traded down $0.03 during trading on Friday, hitting $2.68. 2,175,029 shares of the company's stock were exchanged, compared to its average volume of 1,656,090. The firm has a 50-day moving average price of $2.85 and a two-hundred day moving average price of $2.45. Erasca, Inc. has a 1-year low of $1.51 and a 1-year high of $3.45. The firm has a market cap of $464.60 million, a P/E ratio of -3.19 and a beta of 1.16.

Erasca (NASDAQ:ERAS - Get Free Report) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.29) earnings per share for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.12). As a group, research analysts predict that Erasca, Inc. will post -0.91 EPS for the current year.

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.