Bank of America Corp DE Acquires New Stake in Erasca, Inc. $ERAS

Key Points

• Bank of America acquired 3.05 million Erasca shares valued at approximately $55.9 million, representing 0.87% of the company. Institutional investors and hedge funds collectively own 67.78% of Erasca.
• Erasca shares opened at $14.77, below their 50-day moving average of $17.80 but within a 12-month range of $1.75 to $24.28. The company reported a quarterly loss of $0.14 per share, missing estimates by $0.03.
• Analysts maintain a “Moderate Buy” consensus rating, with eight Buy, two Hold and one Sell ratings and an average price target of $22.09.

Bank of America Corp DE bought a new stake in Erasca, Inc. (NASDAQ:ERAS - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,048,737 shares of the company's stock, valued at approximately $55,853,000. Bank of America Corp DE owned 0.87% of Erasca as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Odyssean LLC increased its position in shares of Erasca by 100.7% during the 2nd quarter. Odyssean LLC now owns 34,780 shares of the company's stock valued at $637,000 after purchasing an additional 17,451 shares during the last quarter. Man Group plc purchased a new position in shares of Erasca in the second quarter worth approximately $3,711,000. Jupiter Topco LLC purchased a new position in shares of Erasca in the second quarter worth approximately $1,404,000. ARCH Venture Management LLC bought a new stake in Erasca during the second quarter valued at approximately $129,917,324. Finally, Parkman Healthcare Partners LLC bought a new stake in Erasca during the second quarter valued at approximately $4,739,000. 67.78% of the stock is owned by hedge funds and other institutional investors.

Erasca Stock Performance

Shares of ERAS opened at $14.77 on Monday. The business's 50 day moving average is $17.80 and its 200 day moving average is $15.91. Erasca, Inc. has a 12-month low of $1.75 and a 12-month high of $24.28. The company has a market capitalization of $5.17 billion, a PE ratio of -15.55 and a beta of 0.64.

Erasca (NASDAQ:ERAS - Get Free Report) last posted its quarterly earnings results 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). Equities research analysts predict that Erasca, Inc. will post -0.49 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on ERAS shares. HSBC set a $20.00 price target on shares of Erasca in a research report on Tuesday, July 14th. Morgan Stanley upped their price objective on Erasca from $12.00 to $21.00 and gave the stock an "equal weight" rating in a research note on Monday, July 20th. Guggenheim raised their target price on Erasca from $20.00 to $21.00 and gave the stock a "buy" rating in a report on Thursday, August 13th. Jefferies Financial Group reissued a "buy" rating on shares of Erasca in a report on Tuesday, July 14th. Finally, Bank of America upped their price target on Erasca from $18.00 to $20.00 and gave the stock a "neutral" rating in a research report on Friday, August 14th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $22.09.

Erasca Profile

Erasca, Inc is a clinical-stage biotechnology company focused on developing treatments for cancers driven by abnormalities in the RAS/MAPK signaling pathway. The company's research and development strategy is centered on precision oncology, with the goal of addressing cancers that have historically been difficult to treat because of mutations in RAS and related proteins.

Erasca's lead investigational program is daraxonrasib, also known as RMC-6236, an oral RAS(ON) multi-selective inhibitor designed to target active RAS proteins.

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