Cibc World Markets Corp Makes New Investment in Erasca, Inc. (NASDAQ:ERAS)

Cibc World Markets Corp purchased a new stake in shares of Erasca, Inc. (NASDAQ:ERAS) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 17,200 shares of the company’s stock, valued at approximately $43,000.

A number of other large investors have also recently modified their holdings of ERAS. New York State Common Retirement Fund increased its position in Erasca by 42.4% during the 4th quarter. New York State Common Retirement Fund now owns 26,859 shares of the company’s stock valued at $67,000 after purchasing an additional 8,000 shares during the period. China Universal Asset Management Co. Ltd. increased its position in shares of Erasca by 10.3% during the fourth 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 in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Erasca during the 3rd quarter valued at $173,000. Franklin Resources Inc. acquired a new stake in shares of Erasca in the 3rd quarter worth $181,000. Finally, The Manufacturers Life Insurance Company grew its stake in Erasca by 41.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 67,661 shares of the company’s stock worth $185,000 after buying an additional 19,800 shares during the last quarter. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Erasca Price Performance

NASDAQ:ERAS opened at $1.52 on Friday. The company’s fifty day moving average price is $1.59 and its 200-day moving average price is $2.32. Erasca, Inc. has a 1-year low of $1.23 and a 1-year high of $3.45. The firm has a market capitalization of $430.56 million, a P/E ratio of -1.83 and a beta of 1.22.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.01. During the same period last year, the company earned ($0.20) EPS. Equities analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Analyst Ratings Changes

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