Jane Street Group LLC Cuts Stake in Erasca, Inc. (NASDAQ:ERAS)

Jane Street Group LLC cut its holdings in Erasca, Inc. (NASDAQ:ERAS) by 68.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,664 shares of the company’s stock after selling 47,898 shares during the period. Jane Street Group LLC’s holdings in Erasca were worth $54,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Northern Trust Corp raised its position in shares of Erasca by 11.6% during the fourth quarter. Northern Trust Corp now owns 1,717,109 shares of the company’s stock valued at $4,310,000 after buying an additional 179,160 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Erasca during the fourth quarter valued at $233,000. Price T Rowe Associates Inc. MD increased its holdings in Erasca by 18.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 70,037 shares of the company’s stock valued at $176,000 after acquiring an additional 10,899 shares during the last quarter. Silverarc Capital Management LLC lifted its stake in Erasca by 8.6% in the 4th quarter. Silverarc Capital Management LLC now owns 7,543,901 shares of the company’s stock worth $18,935,000 after purchasing an additional 597,413 shares in the last quarter. Finally, Diadema Partners LP purchased a new stake in Erasca in the 4th quarter worth $394,000. 67.78% of the stock is owned by hedge funds and other institutional investors.

Erasca Stock Performance

NASDAQ ERAS opened at $1.60 on Monday. The business’s 50 day moving average price is $1.30 and its 200-day moving average price is $1.78. Erasca, Inc. has a fifty-two week low of $1.01 and a fifty-two week high of $3.45. The company has a market cap of $453.26 million, a P/E ratio of -1.93 and a beta of 1.09.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Tuesday, May 13th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01. As a group, equities analysts predict that Erasca, Inc. will post -0.73 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ERAS. 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. Raymond James started coverage on Erasca in a research note on Wednesday, March 26th. They issued an “outperform” rating and a $5.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $6.00 target price on shares of Erasca in a research report on Wednesday, April 30th. Morgan Stanley reissued an “overweight” rating and issued a $4.00 target price on shares of Erasca in a report on Friday, March 7th. Finally, Guggenheim set a $3.00 price target on shares of Erasca and gave the stock a “buy” rating in a research report on Wednesday, May 14th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Erasca currently has an average rating of “Buy” and an average price target of $4.57.

About Erasca

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.