Nuveen Asset Management LLC Acquires 72,121 Shares of Erasca, Inc. (NASDAQ:ERAS)

Nuveen Asset Management LLC grew its position in Erasca, Inc. (NASDAQ:ERAS) by 14.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 555,704 shares of the company’s stock after buying an additional 72,121 shares during the period. Nuveen Asset Management LLC owned 0.20% of Erasca worth $1,395,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ERAS. AXQ Capital LP acquired a new stake in shares of Erasca in the 4th quarter valued at $27,000. Neuberger Berman Group LLC acquired a new stake in shares of Erasca in the 4th quarter valued at $33,000. Brevan Howard Capital Management LP acquired a new stake in shares of Erasca in the 4th quarter valued at $41,000. Cibc World Markets Corp acquired a new stake in shares of Erasca in the 4th quarter valued at $43,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Erasca by 244.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 23,323 shares of the company’s stock valued at $59,000 after buying an additional 16,547 shares during the period. 67.78% of the stock is owned by institutional investors and hedge funds.

Erasca Trading Up 1.4%

ERAS stock opened at $1.45 on Wednesday. The business’s 50-day moving average price is $1.29 and its two-hundred day moving average price is $1.81. The firm has a market cap of $409.35 million, a PE ratio of -1.74 and a beta of 1.12. Erasca, Inc. has a 1-year low of $1.01 and a 1-year high of $3.45.

Erasca (NASDAQ:ERAS) last posted its earnings results on Tuesday, May 13th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.01. On average, analysts forecast that Erasca, Inc. will post -0.73 earnings per share for the current year.

Wall Street Analyst Weigh In

ERAS has been the subject of several research reports. Morgan Stanley reissued an “overweight” rating and issued a $4.00 target price on shares of Erasca in a research note on Friday, March 7th. HC Wainwright reissued a “buy” rating and issued a $6.00 target price on shares of Erasca in a research note on Wednesday, April 30th. Guggenheim set a $3.00 price objective on Erasca and gave the stock a “buy” rating in a research note on Wednesday, May 14th. The Goldman Sachs Group decreased their price objective on Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Finally, Raymond James began coverage on Erasca in a research note on Wednesday, March 26th. They set an “outperform” rating and a $5.00 price objective for the company. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Erasca currently has a consensus rating of “Buy” and an average target price of $4.57.

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.