AXQ Capital LP Purchases Shares of 10,681 Erasca, Inc. (NASDAQ:ERAS)

AXQ Capital LP acquired a new stake in shares of Erasca, Inc. (NASDAQ:ERAS) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 10,681 shares of the company’s stock, valued at approximately $27,000.

Several other large investors have also modified their holdings of the stock. Frazier Life Sciences Management L.P. lifted its holdings in shares of Erasca by 19.6% during the third quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock valued at $52,939,000 after purchasing an additional 3,175,471 shares during the last quarter. State Street Corp lifted its stake in Erasca by 145.2% during the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock valued at $16,455,000 after buying an additional 3,569,440 shares in the last quarter. PFM Health Sciences LP boosted its holdings in shares of Erasca by 4.4% in 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 during the period. Geode Capital Management LLC raised its holdings in shares of Erasca by 36.0% during the third quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock valued at $12,295,000 after acquiring an additional 1,190,807 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Erasca by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,762,696 shares of the company’s stock valued at $4,424,000 after acquiring an additional 39,066 shares during the period. 67.78% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. The Goldman Sachs Group lowered their price objective on shares of Erasca from $3.50 to $3.00 and set a “buy” rating on the stock in a research report on Friday. Morgan Stanley reissued an “overweight” rating and set a $4.00 price target on shares of Erasca in a research report on Friday, March 7th. HC Wainwright restated a “buy” rating and set a $6.00 price objective on shares of Erasca in a research report on Friday. Finally, Bank of America raised Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a research note on Tuesday, January 7th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Erasca currently has a consensus rating of “Buy” and a consensus target price of $4.80.

Erasca Price Performance

Shares of NASDAQ ERAS opened at $1.49 on Tuesday. Erasca, Inc. has a one year low of $1.23 and a one year high of $3.45. The business’s 50-day moving average price is $1.62 and its two-hundred day moving average price is $2.35. The company has a market capitalization of $421.26 million, a P/E ratio of -1.80 and a beta of 1.22.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Thursday, March 20th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.01. During the same period last year, the company posted ($0.20) earnings per share. On average, equities analysts anticipate that Erasca, Inc. will post -0.73 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.