Wells Fargo & Company MN Sells 73,262 Shares of Erasca, Inc. (NASDAQ:ERAS)

Wells Fargo & Company MN lessened its holdings in Erasca, Inc. (NASDAQ:ERAS) by 35.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 133,377 shares of the company’s stock after selling 73,262 shares during the period. Wells Fargo & Company MN’s holdings in Erasca were worth $335,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AXQ Capital LP acquired a new position in shares of Erasca in the 4th quarter worth approximately $27,000. Cibc World Markets Corp bought a new stake in Erasca in the fourth quarter valued at $43,000. New York State Common Retirement Fund raised its stake 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 acquired a new position in Erasca during the fourth quarter worth $69,000. Finally, Teacher Retirement System of Texas lifted its holdings in shares of Erasca by 29.1% during 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 period. Institutional investors own 67.78% of the company’s stock.

Erasca Price Performance

ERAS opened at $1.45 on Tuesday. The stock has a market capitalization of $410.77 million, a P/E ratio of -1.75 and a beta of 1.12. The company’s 50 day simple moving average is $1.36 and its 200-day simple moving average is $2.03. Erasca, Inc. has a one year low of $1.01 and a one year high of $3.45.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data on Thursday, March 20th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01. During the same period in the prior year, the business earned ($0.20) earnings per share. As a group, analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current year.

Analysts Set New Price Targets

ERAS has been the subject of a number of recent analyst reports. 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 target price for the company. Morgan Stanley reaffirmed an “overweight” rating and set a $4.00 price objective on shares of Erasca in a report on Friday, March 7th. HC Wainwright reissued a “buy” rating and issued a $6.00 target price on shares of Erasca in a report on Wednesday, April 30th. The Goldman Sachs Group dropped their price target on Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a report on Friday, March 21st. Finally, Bank of America raised Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a research note on Tuesday, January 7th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock 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.