Intech Investment Management LLC Acquires 34,083 Shares of Erasca, Inc. (NASDAQ:ERAS)

Intech Investment Management LLC raised its stake in Erasca, Inc. (NASDAQ:ERAS) by 53.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 97,369 shares of the company’s stock after purchasing an additional 34,083 shares during the period. Intech Investment Management LLC’s holdings in Erasca were worth $244,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Cibc World Markets Corp acquired a new position in Erasca in the 4th quarter valued at about $43,000. New York State Common Retirement Fund increased its stake in shares of 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 purchasing an additional 8,000 shares during the period. China Universal Asset Management Co. Ltd. lifted its holdings in Erasca by 10.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 59,949 shares of the company’s stock worth $150,000 after purchasing an additional 5,614 shares during the last quarter. Franklin Resources Inc. bought a new stake in Erasca in the 3rd quarter valued at $181,000. Finally, The Manufacturers Life Insurance Company grew its holdings in Erasca by 41.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 67,661 shares of the company’s stock valued at $185,000 after buying an additional 19,800 shares in the last quarter. 67.78% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Erasca Stock Performance

Shares of ERAS opened at $1.48 on Thursday. Erasca, Inc. has a 52-week low of $1.23 and a 52-week high of $3.45. The firm has a market cap of $419.23 million, a price-to-earnings ratio of -1.78 and a beta of 1.22. The business’s fifty day moving average is $1.60 and its 200-day moving average is $2.33.

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

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.