Nuveen LLC Takes Position in Erasca, Inc. $ERAS

Nuveen LLC purchased a new stake in Erasca, Inc. (NASDAQ:ERAS) in the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 483,583 shares of the company’s stock, valued at approximately $663,000. Nuveen LLC owned 0.17% of Erasca as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Invesco Ltd. boosted its holdings in shares of Erasca by 133.4% in the 1st quarter. Invesco Ltd. now owns 113,583 shares of the company’s stock valued at $156,000 after buying an additional 64,912 shares during the period. Deutsche Bank AG boosted its holdings in shares of Erasca by 20.1% in the 1st quarter. Deutsche Bank AG now owns 163,052 shares of the company’s stock valued at $223,000 after buying an additional 27,282 shares during the period. IPG Investment Advisors LLC boosted its holdings in shares of Erasca by 46.0% in the 1st quarter. IPG Investment Advisors LLC now owns 248,108 shares of the company’s stock valued at $340,000 after buying an additional 78,130 shares during the period. XTX Topco Ltd boosted its holdings in shares of Erasca by 123.1% in the 1st quarter. XTX Topco Ltd now owns 123,501 shares of the company’s stock valued at $169,000 after buying an additional 68,140 shares during the period. Finally, TD Asset Management Inc boosted its holdings in shares of Erasca by 6.3% in the 1st quarter. TD Asset Management Inc now owns 256,032 shares of the company’s stock valued at $351,000 after buying an additional 15,286 shares during the period. 67.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ERAS has been the topic of several recent research reports. Bank of America reiterated an “underperform” rating and issued a $1.00 price objective (down from $4.00) on shares of Erasca in a research report on Wednesday. Morgan Stanley reaffirmed an “equal weight” rating and issued a $2.00 price target (down from $4.00) on shares of Erasca in a research note on Monday, August 18th. Wall Street Zen upgraded shares of Erasca from a “sell” rating to a “hold” rating in a report on Saturday, August 30th. Finally, Guggenheim set a $3.00 target price on shares of Erasca and gave the stock a “buy” rating in a report on Wednesday, May 14th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $3.71.

Erasca Price Performance

Erasca stock opened at $1.43 on Thursday. The firm’s 50 day simple moving average is $1.50 and its 200-day simple moving average is $1.42. The company has a market cap of $405.65 million, a P/E ratio of -3.18 and a beta of 1.08. Erasca, Inc. has a fifty-two week low of $1.01 and a fifty-two week high of $3.31.

Erasca (NASDAQ:ERAS) last released its earnings results on Tuesday, August 12th. The company reported ($0.12) earnings per share for the quarter, hitting the consensus estimate of ($0.12). On average, analysts expect that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

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.