567,973 Shares in Erasca, Inc. $ERAS Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon bought 567,973 Erasca shares valued at approximately $10.4 million, giving it a 0.18% stake. Institutional investors collectively own 67.78% of the company.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $22.09, despite varied targets and one sell rating.
• Erasca shares opened at $16.37, while the company reported a quarterly loss of $0.14 per share, missing the $0.11-per-share consensus estimate.

Bank of New York Mellon Corp purchased a new stake in Erasca, Inc. (NASDAQ:ERAS - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 567,973 shares of the company's stock, valued at approximately $10,405,000. Bank of New York Mellon Corp owned 0.18% of Erasca at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. State of Wyoming acquired a new position in Erasca during the second quarter worth $284,000. Handelsbanken Fonder AB bought a new position in shares of Erasca in the second quarter valued at $1,500,000. Wealthcare Advisory Partners LLC grew its holdings in shares of Erasca by 5.0% during 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 last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Erasca during the second quarter valued at about $14,892,000. Finally, Seven Fleet Capital Management LP bought a new stake in shares of Erasca during the first quarter worth about $3,600,000. Institutional investors own 67.78% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ERAS shares. Weiss Ratings restated a "sell (d-)" rating on shares of Erasca in a report on Thursday, June 11th. Jefferies Financial Group reissued a "buy" rating on shares of Erasca in a report on Tuesday, July 14th. Mizuho lowered their price objective on Erasca from $28.00 to $26.00 and set an "outperform" rating for the company in a research note on Tuesday, May 12th. Bank of America raised their target price on Erasca from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Friday, August 14th. Finally, Guggenheim lifted their target price on Erasca from $20.00 to $21.00 and gave the company a "buy" rating in a research report on Thursday, August 13th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $22.09.

Erasca Stock Down 2.3%

ERAS stock opened at $16.37 on Thursday. The firm has a market cap of $5.73 billion, a PE ratio of -17.23 and a beta of 0.64. The business has a 50 day moving average of $18.32 and a 200-day moving average of $15.67. 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 posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.03). On average, research analysts expect that Erasca, Inc. will post -0.49 earnings per share for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source