UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Acquires New Stake in Erasca, Inc. (NASDAQ:ERAS)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Erasca, Inc. (NASDAQ:ERAS) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 364,085 shares of the company’s stock, valued at approximately $994,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.13% of Erasca at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ERAS. Federated Hermes Inc. purchased a new stake in Erasca during the 2nd quarter valued at about $31,000. Sei Investments Co. bought a new stake in Erasca in the 2nd quarter worth about $39,000. Creative Planning raised its position in Erasca by 23.0% in the 3rd quarter. Creative Planning now owns 20,014 shares of the company’s stock worth $55,000 after buying an additional 3,737 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Erasca by 82.2% during the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after acquiring an additional 9,689 shares during the period. Finally, Valence8 US LP purchased a new stake in shares of Erasca during the 3rd quarter valued at about $128,000. 67.78% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ERAS shares. Jefferies Financial Group began coverage on shares of Erasca in a report on Monday, November 18th. They issued a “buy” rating and a $6.00 target price on the stock. The Goldman Sachs Group upped their price objective on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, HC Wainwright reissued a “buy” rating and issued a $6.00 target price on shares of Erasca in a research 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $5.90.

Erasca Price Performance

NASDAQ:ERAS opened at $2.49 on Thursday. Erasca, Inc. has a one year low of $1.64 and a one year high of $3.45. The business has a fifty day moving average price of $2.81 and a 200-day moving average price of $2.72. The firm has a market capitalization of $703.99 million, a price-to-earnings ratio of -3.00 and a beta of 1.20.

Erasca (NASDAQ:ERAS) last issued its quarterly 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. On average, equities research analysts expect that Erasca, Inc. will post -0.73 earnings per share for the current fiscal 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.