Erasca, Inc. (NASDAQ:ERAS) Shares Sold by Point72 Asset Management L.P.

Point72 Asset Management L.P. decreased its holdings in shares of Erasca, Inc. (NASDAQ:ERAS - Free Report) by 93.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 63,599 shares of the company's stock after selling 971,628 shares during the quarter. Point72 Asset Management L.P.'s holdings in Erasca were worth $174,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in ERAS. Frazier Life Sciences Management L.P. purchased a new stake in Erasca during the second quarter valued at about $38,270,000. Logos Global Management LP acquired a new position in Erasca during the second quarter valued at approximately $13,924,000. Marshall Wace LLP acquired a new stake in shares of Erasca in the second quarter worth $8,667,000. Affinity Asset Advisors LLC acquired a new stake in shares of Erasca in the second quarter worth $5,899,000. Finally, Sofinnova Investments Inc. purchased a new position in shares of Erasca in the 2nd quarter valued at $4,011,000. Hedge funds and other institutional investors own 67.78% of the company's stock.

Erasca Price Performance

NASDAQ:ERAS traded down $0.07 during mid-day trading on Friday, reaching $2.56. The stock had a trading volume of 1,468,706 shares, compared to its average volume of 1,606,314. The stock's 50 day simple moving average is $2.81 and its two-hundred day simple moving average is $2.71. Erasca, Inc. has a 1-year low of $1.64 and a 1-year high of $3.45. The company has a market capitalization of $723.78 million, a price-to-earnings ratio of -3.08 and a beta of 1.20.

Erasca (NASDAQ:ERAS - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.06. Sell-side analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Analyst Ratings Changes

ERAS has been the subject of a number of research reports. Jefferies Financial Group assumed coverage on shares of Erasca in a research report on Monday, November 18th. They set a "buy" rating and a $6.00 price target for the company. HC Wainwright reaffirmed a "buy" rating and issued a $6.00 price objective on shares of Erasca in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group upped their target price 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 analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price 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.