Prosight Management LP Trims Holdings in Erasca, Inc. (NASDAQ:ERAS)

Prosight Management LP trimmed its position in Erasca, Inc. (NASDAQ:ERAS) by 52.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 947,110 shares of the company’s stock after selling 1,036,900 shares during the quarter. Erasca comprises approximately 0.7% of Prosight Management LP’s holdings, making the stock its 28th biggest position. Prosight Management LP owned about 0.33% of Erasca worth $2,377,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AXQ Capital LP purchased a new stake in Erasca in the 4th quarter worth approximately $27,000. Neuberger Berman Group LLC purchased a new stake in Erasca in the 4th quarter worth approximately $33,000. Brevan Howard Capital Management LP purchased a new stake in Erasca in the 4th quarter worth approximately $41,000. Cibc World Markets Corp purchased a new stake in Erasca in the 4th quarter worth approximately $43,000. Finally, Tower Research Capital LLC TRC grew its holdings in Erasca by 244.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 23,323 shares of the company’s stock valued at $59,000 after buying an additional 16,547 shares in the last quarter. 67.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ERAS shares. Morgan Stanley reaffirmed an “overweight” rating and set a $4.00 price objective on shares of Erasca in a report on Friday, March 7th. The Goldman Sachs Group cut their price objective on shares of Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a report on Friday, March 21st. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price objective on shares of Erasca in a report on Wednesday, April 30th. Finally, Raymond James started coverage on shares of Erasca in a report on Wednesday, March 26th. They set an “outperform” rating and a $5.00 price objective for the company. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $4.83.

Erasca Stock Performance

NASDAQ ERAS opened at $1.27 on Thursday. The company has a market capitalization of $359.77 million, a P/E ratio of -1.53 and a beta of 1.12. Erasca, Inc. has a one year low of $1.01 and a one year high of $3.45. The stock has a 50 day moving average price of $1.35 and a 200-day moving average price of $1.97.

Erasca (NASDAQ:ERAS) last posted its earnings results on Tuesday, May 13th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01. As a group, equities analysts predict 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.