Parkman Healthcare Partners LLC Invests $4.74 Million in Erasca, Inc. $ERAS

Parkman Healthcare Partners LLC purchased a new position in shares of Erasca, Inc. (NASDAQ:ERAS) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 258,684 shares of the company’s stock, valued at approximately $4,739,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Legal & General Group Plc bought a new position in Erasca in the 2nd quarter valued at $2,715,000. The Manufacturers Life Insurance Company purchased a new stake in Erasca in the second quarter worth $6,369,000. Spruce Street Capital LP bought a new stake in shares of Erasca during the second quarter worth $7,740,988,000. Sanctuary Advisors LLC bought a new stake in shares of Erasca during the second quarter worth $212,000. Finally, Polymer Capital Management HK LTD purchased a new stake in shares of Erasca during the second quarter valued at $8,757,000. 67.78% of the stock is owned by institutional investors.

Erasca Stock Down 0.2%

Shares of NASDAQ ERAS opened at $17.60 on Tuesday. The business has a fifty day simple moving average of $17.81 and a two-hundred day simple moving average of $15.37. The firm has a market cap of $6.16 billion, a PE ratio of -18.53 and a beta of 0.66. Erasca, Inc. has a twelve month low of $1.33 and a twelve month high of $24.28.

Erasca (NASDAQ:ERAS) last issued its earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.03). On average, research analysts expect that Erasca, Inc. will post -0.48 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ERAS. Stifel Nicolaus upped their price target on shares of Erasca from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Wolfe Research set a $16.00 price objective on shares of Erasca in a report on Thursday, June 4th. Morgan Stanley lifted their price objective on shares of Erasca from $12.00 to $21.00 and gave the company an “equal weight” rating in a report on Monday, July 20th. Jefferies Financial Group reissued a “buy” rating on shares of Erasca in a research report on Tuesday, July 14th. Finally, Guggenheim upped their target price on shares of Erasca from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, August 13th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.09.

Erasca Profile

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.