Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Erasca, Inc. (NASDAQ:ERAS – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 41,000 shares of the company’s stock, valued at approximately $751,000.
Several other hedge funds also recently made changes to their positions in ERAS. Wealthcare Advisory Partners LLC raised its holdings in Erasca by 5.0% during the 2nd 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 last quarter. Neuberger Berman Group LLC grew its holdings in Erasca by 11.3% in 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 last quarter. Abel Hall LLC grew 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. EverSource Wealth Advisors LLC increased its position in shares of Erasca by 77.8% in the first quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company’s stock valued at $69,000 after acquiring an additional 1,859 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Erasca by 25.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,787 shares of the company’s stock valued at $51,000 after acquiring an additional 2,820 shares during the last quarter. 67.78% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on ERAS shares. Jefferies Financial Group reissued a “buy” rating on shares of Erasca in a research note on Tuesday, July 14th. Guggenheim upped their price target on Erasca from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. HSBC set a $20.00 price objective on Erasca in a report on Tuesday, July 14th. Morgan Stanley lifted their price objective on Erasca from $12.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday, July 20th. Finally, Wolfe Research set a $16.00 target price on Erasca in a research note on Thursday, June 4th. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.09.
Erasca Trading Up 3.2%
NASDAQ:ERAS opened at $17.63 on Friday. The company has a 50-day moving average price of $17.74 and a 200-day moving average price of $15.29. The stock 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 12 month low of $1.33 and a 12 month high of $24.28.
Erasca (NASDAQ:ERAS – Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.03). Equities analysts forecast that Erasca, Inc. will post -0.48 EPS 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.
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