Erasca, Inc. (NASDAQ:ERAS) Shares Purchased by State Street Corp

State Street Corp boosted its stake in shares of Erasca, Inc. (NASDAQ:ERAS - Free Report) by 145.2% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 6,027,620 shares of the company's stock after purchasing an additional 3,569,440 shares during the period. State Street Corp owned approximately 2.13% of Erasca worth $16,455,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of ERAS. PFM Health Sciences LP boosted its holdings in Erasca by 4.4% during the third quarter. PFM Health Sciences LP now owns 4,876,911 shares of the company's stock worth $13,314,000 after buying an additional 205,137 shares in the last quarter. Fred Alger Management LLC acquired a new stake in Erasca in the third quarter valued at approximately $630,000. Verition Fund Management LLC increased its position in shares of Erasca by 649.6% in the third quarter. Verition Fund Management LLC now owns 169,460 shares of the company's stock valued at $463,000 after buying an additional 146,854 shares in the last quarter. Walleye Capital LLC lifted its position in shares of Erasca by 41.3% during the 3rd quarter. Walleye Capital LLC now owns 949,557 shares of the company's stock valued at $2,592,000 after buying an additional 277,438 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Erasca in the 3rd quarter valued at $994,000. Hedge funds and other institutional investors own 67.78% of the company's stock.

Wall Street Analyst Weigh In

ERAS has been the subject of a number of research analyst reports. The Goldman Sachs Group upped their price objective on shares of Erasca from $3.00 to $3.50 and gave the stock a "buy" rating in a research report on Friday, October 25th. Jefferies Financial Group assumed coverage on shares of Erasca in a research note on Monday, November 18th. They issued a "buy" rating and a $6.00 price target on the stock. Finally, HC Wainwright reissued a "buy" rating and set a $6.00 target price on shares of Erasca in a report on Wednesday, November 13th. One investment 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 has an average rating of "Moderate Buy" and an average target price of $5.90.

Erasca Trading Up 3.6 %

NASDAQ ERAS traded up $0.09 on Wednesday, reaching $2.57. 1,042,315 shares of the company were exchanged, compared to its average volume of 1,608,385. Erasca, Inc. has a fifty-two week low of $1.64 and a fifty-two week high of $3.45. The business's fifty day moving average price is $2.79 and its 200 day moving average price is $2.72. The stock has a market capitalization of $726.61 million, a P/E ratio of -3.10 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 for the quarter, beating the consensus estimate of ($0.17) by $0.06. Equities research analysts forecast that Erasca, Inc. will post -0.73 earnings per share for the current year.

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.