Invesco Ltd. Acquires 11,290 Shares of Erasca, Inc. (NASDAQ:ERAS)

Invesco Ltd. increased its holdings in shares of Erasca, Inc. (NASDAQ:ERAS) by 30.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,671 shares of the company’s stock after purchasing an additional 11,290 shares during the period. Invesco Ltd.’s holdings in Erasca were worth $122,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. AXQ Capital LP bought a new stake in shares of Erasca in the fourth quarter worth $27,000. Cibc World Markets Corp acquired a new stake in shares of Erasca in the fourth quarter valued at about $43,000. New York State Common Retirement Fund raised its holdings in Erasca by 42.4% during the fourth quarter. New York State Common Retirement Fund now owns 26,859 shares of the company’s stock worth $67,000 after acquiring an additional 8,000 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in Erasca during the fourth quarter worth $69,000. Finally, Teacher Retirement System of Texas lifted its stake in Erasca by 29.1% in the fourth quarter. Teacher Retirement System of Texas now owns 54,706 shares of the company’s stock valued at $137,000 after acquiring an additional 12,345 shares during the last quarter. 67.78% of the stock is owned by institutional investors.

Erasca Stock Performance

Shares of ERAS opened at $1.45 on Tuesday. Erasca, Inc. has a 52 week low of $1.01 and a 52 week high of $3.45. The stock has a 50 day moving average price of $1.36 and a two-hundred day moving average price of $2.03. The firm has a market capitalization of $410.77 million, a P/E ratio of -1.75 and a beta of 1.12.

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

Analyst Ratings Changes

A number of research firms have recently issued reports on ERAS. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Erasca in a research report on Wednesday, April 30th. The Goldman Sachs Group reduced their target price on Erasca from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, March 21st. Bank of America raised Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a report on Tuesday, January 7th. Raymond James initiated coverage on shares of Erasca in a research report on Wednesday, March 26th. They set an “outperform” rating and a $5.00 price objective for the company. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $4.00 target price on shares of Erasca in a research report on Friday, March 7th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $4.83.

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.