Virtu Financial LLC Decreases Position in Erasca, Inc. (NASDAQ:ERAS)

Virtu Financial LLC reduced its stake in Erasca, Inc. (NASDAQ:ERAS) by 56.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,685 shares of the company’s stock after selling 20,450 shares during the period. Virtu Financial LLC’s holdings in Erasca were worth $43,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ERAS. Frazier Life Sciences Management L.P. increased its holdings in Erasca by 19.6% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock worth $52,939,000 after purchasing an additional 3,175,471 shares during the period. State Street Corp increased its stake in shares of Erasca by 145.2% during the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock worth $16,455,000 after buying an additional 3,569,440 shares during the period. Logos Global Management LP acquired a new stake in Erasca in the second quarter valued at approximately $13,924,000. PFM Health Sciences LP lifted its stake in Erasca by 4.4% in the third quarter. PFM Health Sciences LP now owns 4,876,911 shares of the company’s stock worth $13,314,000 after acquiring an additional 205,137 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Erasca by 36.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock worth $12,295,000 after acquiring an additional 1,190,807 shares in the last quarter. 67.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ERAS has been the topic of a number of analyst reports. Jefferies Financial Group assumed coverage on shares of Erasca in a report on Monday, November 18th. They issued a “buy” rating and a $6.00 price objective on the stock. The Goldman Sachs Group raised their price target on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $6.00 price objective on shares of Erasca in a research report on Wednesday, November 13th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $5.90.

Erasca Price Performance

Shares of ERAS opened at $2.54 on Friday. Erasca, Inc. has a 1-year low of $1.64 and a 1-year high of $3.45. The stock has a market cap of $718.13 million, a PE ratio of -3.06 and a beta of 1.20. The firm has a fifty day moving average price of $2.80 and a 200 day moving average price of $2.71.

Erasca (NASDAQ:ERAS) last posted its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.06. As a group, equities 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.