Erasca, Inc. (NASDAQ:ERAS) Shares Acquired by Verition Fund Management LLC

Verition Fund Management LLC increased its stake in shares of Erasca, Inc. (NASDAQ:ERAS) by 649.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 169,460 shares of the company’s stock after purchasing an additional 146,854 shares during the period. Verition Fund Management LLC’s holdings in Erasca were worth $463,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ERAS. Walleye Capital LLC increased its stake in shares of Erasca by 41.3% during the third quarter. Walleye Capital LLC now owns 949,557 shares of the company’s stock worth $2,592,000 after acquiring an additional 277,438 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Erasca during the 3rd quarter worth approximately $994,000. MetLife Investment Management LLC raised its stake in shares of Erasca by 51.7% during the 3rd quarter. MetLife Investment Management LLC now owns 103,686 shares of the company’s stock worth $283,000 after buying an additional 35,355 shares in the last quarter. FMR LLC lifted its holdings in shares of Erasca by 32.8% in the 3rd quarter. FMR LLC now owns 306,129 shares of the company’s stock valued at $836,000 after buying an additional 75,642 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in Erasca by 41.4% during the third quarter. The Manufacturers Life Insurance Company now owns 67,661 shares of the company’s stock worth $185,000 after acquiring an additional 19,800 shares during the period. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ERAS. Jefferies Financial Group started coverage on shares of Erasca in a research note on Monday, November 18th. They set a “buy” rating and a $6.00 price target on the stock. The Goldman Sachs Group boosted their price target on Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, HC Wainwright restated a “buy” rating and issued a $6.00 price target on shares of Erasca in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $5.90.

Erasca Trading Down 6.1 %

Erasca stock opened at $2.78 on Thursday. The stock has a 50-day moving average price of $2.80 and a 200 day moving average price of $2.71. Erasca, Inc. has a 52 week low of $1.64 and a 52 week high of $3.45. The stock has a market cap of $785.98 million, a PE ratio of -3.35 and a beta of 1.20.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.06. On average, equities analysts predict that Erasca, Inc. will post -0.73 EPS for the current 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.