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

Polymer Capital Management HK LTD purchased a new position in Erasca, Inc. (NASDAQ:ERAS) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 478,020 shares of the company’s stock, valued at approximately $8,757,000. Erasca accounts for about 0.4% of Polymer Capital Management HK LTD’s investment portfolio, making the stock its 28th biggest position. Polymer Capital Management HK LTD owned approximately 0.15% of Erasca at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wealthcare Advisory Partners LLC raised its stake in shares of Erasca by 5.0% in the second quarter. Wealthcare Advisory Partners LLC now owns 15,924 shares of the company’s stock valued at $292,000 after buying an additional 756 shares during the period. Neuberger Berman Group LLC grew its stake in shares of Erasca by 11.3% during the 4th quarter. Neuberger Berman Group LLC now owns 12,358 shares of the company’s stock worth $46,000 after acquiring an additional 1,253 shares during the period. Abel Hall LLC increased its holdings in Erasca by 8.1% in the 1st quarter. Abel Hall LLC now owns 16,947 shares of the company’s stock worth $274,000 after acquiring an additional 1,265 shares during the last quarter. Allworth Financial LP bought a new stake in Erasca in the 2nd quarter valued at about $34,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Erasca by 77.8% during the first quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company’s stock valued at $69,000 after purchasing an additional 1,859 shares during the last quarter. 67.78% of the stock is owned by institutional investors.

Erasca Price Performance

Shares of NASDAQ:ERAS opened at $17.63 on Monday. The firm has a fifty day moving average price of $17.74 and a two-hundred day moving average price of $15.32. The company has a market cap of $6.17 billion, a price-to-earnings ratio of -18.56 and a beta of 0.66. Erasca, Inc. has a one year low of $1.33 and a one year high of $24.28.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.03). Equities research analysts expect that Erasca, Inc. will post -0.48 EPS for the current fiscal year.

Analysts Set New Price Targets

ERAS has been the subject of several recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a research note on Thursday, June 11th. Guggenheim lifted their price objective on shares of Erasca from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, August 13th. HC Wainwright boosted their target price on shares of Erasca from $18.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Erasca in a report on Tuesday, July 14th. 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 issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus 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.