Erasca, Inc. $ERAS Shares Sold by Tidal Investments LLC

Tidal Investments LLC lessened its position in shares of Erasca, Inc. (NASDAQ:ERAS) by 19.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 182,438 shares of the company’s stock after selling 44,439 shares during the period. Tidal Investments LLC’s holdings in Erasca were worth $3,342,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Frazier Life Sciences Management L.P. lifted its stake in shares of Erasca by 1.2% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 24,975,188 shares of the company’s stock valued at $457,545,000 after purchasing an additional 300,000 shares in the last quarter. BlackRock Inc. acquired a new position in Erasca during the second quarter valued at approximately $387,544,000. Vivo Capital LLC grew its stake in Erasca by 31.0% during the first quarter. Vivo Capital LLC now owns 12,151,480 shares of the company’s stock worth $196,611,000 after buying an additional 2,878,052 shares during the period. Siren L.L.C. grew its stake in Erasca by 28.4% during the first quarter. Siren L.L.C. now owns 11,244,246 shares of the company’s stock worth $181,932,000 after buying an additional 2,486,997 shares during the period. Finally, ARCH Venture Management LLC acquired a new stake in shares of Erasca in the second quarter worth $129,917,324. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

Erasca Stock Performance

NASDAQ:ERAS opened at $16.16 on Tuesday. The stock has a market cap of $5.65 billion, a price-to-earnings ratio of -17.01 and a beta of 0.64. Erasca, Inc. has a one year low of $1.53 and a one year high of $24.28. The business’s 50-day simple moving average is $18.06 and its 200 day simple moving average is $15.87.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.03). On average, equities research analysts predict that Erasca, Inc. will post -0.49 EPS for the current year.

Wall Street Analysts Forecast Growth

ERAS has been the topic of a number of research reports. Jefferies Financial Group reissued a “buy” rating on shares of Erasca in a research note on Tuesday, July 14th. HC Wainwright upped their price target on shares of Erasca from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a report on Tuesday, September 8th. Wolfe Research set a $16.00 price objective on Erasca in a research report on Thursday, June 4th. Finally, Guggenheim boosted their price objective on Erasca from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, August 13th. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.09.

Erasca Company Profile

Erasca, Inc is a clinical-stage biotechnology company focused on developing treatments for cancers driven by abnormalities in the RAS/MAPK signaling pathway. The company’s research and development strategy is centered on precision oncology, with the goal of addressing cancers that have historically been difficult to treat because of mutations in RAS and related proteins.

Erasca’s lead investigational program is daraxonrasib, also known as RMC-6236, an oral RAS(ON) multi-selective inhibitor designed to target active RAS proteins.