Virtu Financial LLC Lowers Stake in Erasca, Inc. (NASDAQ:ERAS)

Virtu Financial LLC cut its holdings in Erasca, Inc. (NASDAQ:ERAS) by 56.6% during the third quarter, HoldingsChannel reports. The firm 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 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp increased its position in Erasca by 50.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 392,490 shares of the company’s stock valued at $926,000 after acquiring an additional 131,829 shares during the period. Rhumbline Advisers grew its stake in shares of Erasca by 27.2% in the 2nd quarter. Rhumbline Advisers now owns 154,615 shares of the company’s stock valued at $365,000 after purchasing an additional 33,106 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Erasca by 82.2% in the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after purchasing an additional 9,689 shares during the period. American Century Companies Inc. raised its stake in shares of Erasca by 58.1% during the second quarter. American Century Companies Inc. now owns 130,407 shares of the company’s stock worth $308,000 after purchasing an additional 47,917 shares during the last quarter. Finally, Federated Hermes Inc. acquired a new stake in shares of Erasca during the second quarter worth $31,000. 67.78% of the stock is owned by hedge funds and other institutional investors.

Erasca Stock Performance

Erasca stock opened at $2.54 on Friday. The company has a market cap of $718.13 million, a P/E ratio of -3.06 and a beta of 1.20. Erasca, Inc. has a one year low of $1.64 and a one year high of $3.45. The business has a fifty day moving average of $2.80 and a two-hundred day moving average of $2.71.

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ERAS shares. The Goldman Sachs Group boosted their price objective on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Friday, October 25th. Jefferies Financial Group assumed 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. Finally, HC Wainwright restated a “buy” rating and issued a $6.00 price objective on shares of Erasca in a research report on Wednesday, November 13th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $5.90.

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.