Point72 Asset Management L.P. Cuts Stock Position in Erasca, Inc. (NASDAQ:ERAS)

Point72 Asset Management L.P. decreased its holdings in shares of Erasca, Inc. (NASDAQ:ERAS) by 93.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 63,599 shares of the company’s stock after selling 971,628 shares during the period. Point72 Asset Management L.P.’s holdings in Erasca were worth $174,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ERAS. PFM Health Sciences LP boosted its holdings in Erasca by 4.4% in the 3rd 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 during the last quarter. Fred Alger Management LLC purchased a new position in shares of Erasca in the third quarter valued at approximately $630,000. Verition Fund Management LLC boosted its stake 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 worth $463,000 after acquiring an additional 146,854 shares during the last quarter. Walleye Capital LLC increased its position in shares of Erasca by 41.3% during the third quarter. Walleye Capital LLC now owns 949,557 shares of the company’s stock worth $2,592,000 after purchasing 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 position in Erasca in the 3rd quarter valued at $994,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ERAS shares. The Goldman Sachs Group lifted their target price on shares of Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Friday, October 25th. 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 on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $6.00 price objective on shares of Erasca in a report on Wednesday, November 13th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $5.90.

Erasca Trading Down 2.7 %

Shares of ERAS stock opened at $2.56 on Friday. Erasca, Inc. has a twelve month low of $1.64 and a twelve month high of $3.45. The company’s 50-day moving average price is $2.81 and its 200-day moving average price is $2.71. The stock has a market cap of $723.79 million, a price-to-earnings ratio of -3.08 and a beta of 1.20.

Erasca (NASDAQ:ERAS) last posted its 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. As a group, equities research analysts predict that Erasca, Inc. will post -0.73 EPS for the current year.

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.