The Manufacturers Life Insurance Company Buys New Stake in Erasca, Inc. $ERAS

The Manufacturers Life Insurance Company purchased a new stake in Erasca, Inc. (NASDAQ:ERAS) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 347,656 shares of the company’s stock, valued at approximately $6,369,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets raised its stake in shares of Erasca by 58.0% during the 2nd 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 purchased a new stake in shares of Erasca in the second quarter worth about $29,000. Russell Investments Group Ltd. acquired a new stake in Erasca during the third quarter worth about $31,000. Allworth Financial LP acquired a new stake in Erasca during the second quarter worth about $34,000. Finally, EntryPoint Capital LLC purchased a new position in Erasca during the fourth quarter valued at approximately $38,000. 67.78% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on ERAS shares. Guggenheim boosted their price target on Erasca from $20.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, August 13th. Bank of America lifted their target price on shares of Erasca from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, August 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a research note on Thursday, June 11th. Wall Street Zen downgraded shares of 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 shares of Erasca in a report on Tuesday, July 14th. Eight 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 stock currently has an average rating of “Moderate Buy” and an average price target of $22.09.

Erasca Price Performance

Shares of ERAS stock opened at $18.03 on Monday. Erasca, Inc. has a 1-year low of $1.33 and a 1-year high of $24.28. The company has a market cap of $6.31 billion, a price-to-earnings ratio of -18.98 and a beta of 0.66. The stock has a 50 day simple moving average of $18.20 and a 200-day simple moving average of $15.56.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.03). Analysts anticipate that Erasca, Inc. will post -0.49 earnings per share for the current fiscal year.

About Erasca

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.