Polymer Capital Management HK LTD Invests $8.76 Million in Erasca, Inc. $ERAS

Polymer Capital Management HK LTD bought a new position in Erasca, Inc. (NASDAQ:ERAS) in the 2nd quarter, Holdings Channel.com reports. The firm bought 478,020 shares of the company’s stock, valued at approximately $8,757,000. Erasca comprises approximately 0.4% of Polymer Capital Management HK LTD’s holdings, making the stock its 28th biggest holding.

A number of other institutional investors have also added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its position in 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 purchasing an additional 7,923 shares in the last quarter. EP Wealth Advisors LLC purchased a new position in shares of Erasca during the 2nd quarter valued at about $29,000. Russell Investments Group Ltd. bought a new stake in Erasca in the 3rd quarter worth approximately $31,000. Allworth Financial LP bought a new position in Erasca during the second quarter valued at approximately $34,000. Finally, EntryPoint Capital LLC bought a new position in Erasca during the fourth quarter valued at approximately $38,000. Institutional investors own 67.78% of the company’s stock.

Erasca Stock Performance

Shares of ERAS stock opened at $17.63 on Monday. Erasca, Inc. has a fifty-two week low of $1.33 and a fifty-two week high of $24.28. The firm has a market cap of $6.17 billion, a P/E ratio of -18.56 and a beta of 0.66. The business’s 50 day moving average price is $17.74 and its 200-day moving average price is $15.32.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.03). As a group, equities analysts predict that Erasca, Inc. will post -0.48 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ERAS shares. Wolfe Research set a $16.00 price objective on shares of Erasca in a report on Thursday, June 4th. Morgan Stanley upped their price target on shares of Erasca from $12.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, July 20th. Guggenheim raised their price objective on Erasca from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, August 13th. Wall Street Zen cut Erasca from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Finally, HSBC set a $20.00 price target on Erasca in a research report on Tuesday, July 14th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Erasca has an average rating of “Moderate Buy” and an average price target of $22.09.

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.