Sio Capital Management LLC Decreases Stock Holdings in Erasca, Inc. (NASDAQ:ERAS)

Sio Capital Management LLC lowered its stake in Erasca, Inc. (NASDAQ:ERAS) by 22.8% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,219,186 shares of the company’s stock after selling 655,350 shares during the quarter. Erasca accounts for about 2.4% of Sio Capital Management LLC’s portfolio, making the stock its 14th biggest holding. Sio Capital Management LLC’s holdings in Erasca were worth $6,058,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Creative Planning increased its stake in shares of Erasca by 23.0% during the third quarter. Creative Planning now owns 20,014 shares of the company’s stock worth $55,000 after purchasing an additional 3,737 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Erasca by 82.2% in the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock worth $51,000 after buying an additional 9,689 shares during the last quarter. Edmonds Duncan Registered Investment Advisors LLC increased its stake in Erasca by 41.2% during the 2nd quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock worth $81,000 after buying an additional 10,000 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Erasca by 27.0% during the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock valued at $113,000 after acquiring an additional 10,164 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new position in shares of Erasca in the second quarter valued at approximately $31,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. HC Wainwright reissued a “buy” rating and issued a $6.00 price objective on shares of Erasca in a research note on Wednesday, November 13th. Jefferies Financial Group assumed coverage on shares of Erasca in a research report on Monday, November 18th. They issued a “buy” rating and a $6.00 target price for the company. Finally, The Goldman Sachs Group boosted their price target 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. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $6.08.

Erasca Trading Up 5.0 %

NASDAQ ERAS opened at $2.92 on Friday. The business’s fifty day simple moving average is $2.74 and its 200-day simple moving average is $2.66. Erasca, Inc. has a 52 week low of $1.51 and a 52 week high of $3.45.

Erasca (NASDAQ:ERAS) last issued its earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.06. As a group, sell-side analysts forecast that Erasca, Inc. will post -0.73 EPS for the current fiscal 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.