IPG Investment Advisors LLC Takes $427,000 Position in Erasca, Inc. (NASDAQ:ERAS)

IPG Investment Advisors LLC bought a new position in shares of Erasca, Inc. (NASDAQ:ERAS) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 169,978 shares of the company’s stock, valued at approximately $427,000.

Other institutional investors have also recently added to or reduced their stakes in the company. KLP Kapitalforvaltning AS acquired a new position in shares of Erasca during the fourth quarter worth $69,000. AXQ Capital LP bought a new position in Erasca during the 4th quarter worth $27,000. American Century Companies Inc. lifted its holdings in Erasca by 27.9% during the 4th quarter. American Century Companies Inc. now owns 363,571 shares of the company’s stock worth $913,000 after buying an additional 79,365 shares during the period. Teacher Retirement System of Texas lifted its holdings in Erasca by 29.1% during the 4th quarter. Teacher Retirement System of Texas now owns 54,706 shares of the company’s stock worth $137,000 after buying an additional 12,345 shares during the period. Finally, Intech Investment Management LLC grew its position in shares of Erasca by 53.9% in the 4th quarter. Intech Investment Management LLC now owns 97,369 shares of the company’s stock valued at $244,000 after buying an additional 34,083 shares during the last quarter. 67.78% of the stock is owned by institutional investors.

Erasca Stock Down 1.9 %

Shares of ERAS stock opened at $1.52 on Friday. The firm has a 50 day moving average of $1.59 and a 200-day moving average of $2.31. The company has a market cap of $430.56 million, a price-to-earnings ratio of -1.83 and a beta of 1.22. Erasca, Inc. has a 52 week low of $1.23 and a 52 week high of $3.45.

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ERAS shares. Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a research report on Tuesday, January 7th. HC Wainwright restated a “buy” rating and set a $6.00 price target on shares of Erasca in a report on Friday, March 21st. Raymond James initiated coverage on shares of Erasca in a research note on Wednesday. They issued an “outperform” rating and a $5.00 price objective on the stock. The Goldman Sachs Group lowered their target price on shares of Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $4.00 price target on shares of Erasca in a research report on Friday, March 7th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Erasca has a consensus rating of “Buy” and an average price target of $4.83.

Erasca 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.