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

Spruce Street Capital LP cut its stake in Erasca, Inc. (NASDAQ:ERAS) by 89.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 422,543 shares of the company’s stock after selling 3,467,089 shares during the quarter. Erasca makes up approximately 1.6% of Spruce Street Capital LP’s investment portfolio, making the stock its 20th largest holding. Spruce Street Capital LP owned approximately 0.14% of Erasca worth $6,837,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ERAS. KBC Group NV acquired a new stake in Erasca during the 1st quarter worth approximately $81,000. State of Wyoming bought a new stake in Erasca in the 1st quarter valued at $95,000. EntryPoint Capital LLC acquired a new position in Erasca in the 4th quarter valued at $38,000. Stifel Financial Corp acquired a new position in Erasca in the 4th quarter valued at $38,000. Finally, XTX Topco Ltd bought a new position in Erasca during the 4th quarter worth $40,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

Key Erasca News

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 Analysts Forecast Growth

Several analysts have weighed in on the stock. Mizuho dropped their price objective on shares of Erasca from $28.00 to $26.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Stifel Nicolaus increased their target price on shares of Erasca from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Erasca in a report on Tuesday, July 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a research note on Thursday, June 11th. Finally, Wolfe Research set a $16.00 price objective on Erasca in a research note on Thursday, June 4th. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $21.64.

Erasca Stock Performance

NASDAQ ERAS opened at $19.11 on Friday. The firm’s fifty day moving average price is $15.44 and its two-hundred day moving average price is $13.92. The stock has a market cap of $5.94 billion, a PE ratio of -20.55 and a beta of 0.66. Erasca, Inc. has a fifty-two week low of $1.33 and a fifty-two week high of $24.28.

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

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.