Spruce Street Capital LP Sells 3,467,089 Shares of Erasca, Inc. $ERAS

Spruce Street Capital LP lowered its holdings in Erasca, Inc. (NASDAQ:ERAS) by 89.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 422,543 shares of the company’s stock after selling 3,467,089 shares during the quarter. Erasca comprises approximately 1.6% of Spruce Street Capital LP’s investment portfolio, making the stock its 20th largest holding. Spruce Street Capital LP’s holdings in Erasca were worth $6,837,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. BNP Paribas Financial Markets grew its holdings in shares of Erasca by 58.0% during the second quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock valued at $27,000 after buying an additional 7,923 shares during the last quarter. EP Wealth Advisors LLC bought a new position in Erasca in the 2nd quarter valued at about $29,000. Russell Investments Group Ltd. bought a new position in Erasca in the 3rd quarter valued at about $31,000. EntryPoint Capital LLC acquired a new position in Erasca during the 4th quarter valued at about $38,000. Finally, Stifel Financial Corp acquired a new position in Erasca during the 4th quarter valued at about $38,000. Institutional investors own 67.78% of the company’s stock.

Erasca News Roundup

Here are the key news stories impacting Erasca this week:

• Neutral Sentiment: Several firms, including Rosen, Kaplan Fox, Faruqi & Faruqi, and others, reiterated the upcoming lead-plaintiff deadline in the Erasca class-action case, keeping investor attention focused on the lawsuit and potential damages. Article
• Neutral Sentiment: Bronstein, Gewirtz & Grossman, Pomerantz, Glancy Prongay, Schall, and other firms also publicized the pending securities-fraud action, underscoring that the litigation remains active and could weigh on sentiment. Article
• Negative Sentiment: The lawsuit alleges Erasca and certain executives misled investors about the competitive position, safety profile, and intellectual-property protection of its lead oncology candidate, ERAS-0015, which could increase legal risk and pressure the stock. Article

Wall Street Analyst Weigh In

ERAS has been the subject of several recent research reports. HSBC set a $20.00 price target on Erasca in a report on Tuesday, July 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a report on Thursday, June 11th. Jefferies Financial Group reiterated a “buy” rating on shares of Erasca in a research note on Tuesday, July 14th. Bank of America raised their price target on shares of Erasca from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. Finally, Mizuho cut their price target on shares of Erasca from $28.00 to $26.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.64.

Erasca Price Performance

NASDAQ:ERAS opened at $19.11 on Friday. The business has a fifty day simple moving average of $15.44 and a two-hundred day simple moving average of $13.92. Erasca, Inc. has a 1 year low of $1.33 and a 1 year high of $24.28. The company has a market capitalization of $5.94 billion, a P/E ratio of -20.55 and a beta of 0.66.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.48). As a group, analysts anticipate that Erasca, Inc. will post -0.54 earnings per share for the current year.

Erasca Company 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.