E Fund Management Co. Ltd. Invests $4.86 Million in Erasca, Inc. $ERAS

Key Points

• E Fund Management acquired 265,381 Erasca shares worth approximately $4.86 million, representing a 0.09% stake. Institutional investors collectively own 67.78% of the company.
• Analysts maintain a generally positive outlook, with eight Buy, two Hold, and one Sell rating. Erasca has a “Moderate Buy” consensus rating and an average price target of $22.09.
• Erasca’s shares opened at $18.07, while the company reported a quarterly loss of $0.14 per share, missing estimates by $0.03. Analysts expect a full-year loss of $0.48 per share.

E Fund Management Co. Ltd. acquired a new stake in Erasca, Inc. (NASDAQ:ERAS - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 265,381 shares of the company's stock, valued at approximately $4,862,000. E Fund Management Co. Ltd. owned 0.09% of Erasca as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. AQR Capital Management LLC grew its holdings in Erasca by 594.8% during the first quarter. AQR Capital Management LLC now owns 396,202 shares of the company's stock worth $543,000 after acquiring an additional 339,177 shares during the period. Geode Capital Management LLC boosted its position in shares of Erasca by 1.6% during the 2nd quarter. Geode Capital Management LLC now owns 4,835,642 shares of the company's stock valued at $6,143,000 after purchasing an additional 77,790 shares in the last quarter. Creative Planning grew its stake in shares of Erasca by 423.3% in the 2nd quarter. Creative Planning now owns 244,332 shares of the company's stock worth $310,000 after purchasing an additional 197,637 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Erasca by 39.1% in the 2nd quarter. New York State Common Retirement Fund now owns 37,360 shares of the company's stock worth $47,000 after purchasing an additional 10,501 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Erasca by 51.6% in the 2nd quarter. Invesco Ltd. now owns 172,226 shares of the company's stock worth $219,000 after purchasing an additional 58,643 shares in the last quarter. Institutional investors own 67.78% of the company's stock.

Wall Street Analysts Forecast Growth

ERAS has been the subject of a number of research reports. Bank of America raised their target price on shares of Erasca from $18.00 to $20.00 and gave the stock a "neutral" rating in a report on Friday, August 14th. HSBC set a $20.00 price objective on Erasca in a research report on Tuesday, July 14th. Jefferies Financial Group reissued a "buy" rating on shares of Erasca in a research note on Tuesday, July 14th. Wolfe Research set a $16.00 target price on Erasca in a report on Thursday, June 4th. Finally, Guggenheim boosted their target price on Erasca from $20.00 to $21.00 and gave the stock a "buy" rating in a research report on Thursday, August 13th. Eight 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. According to MarketBeat, Erasca currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.09.

Erasca Stock Performance

Erasca stock opened at $18.07 on Thursday. The company has a 50 day moving average price of $17.61 and a 200 day moving average price of $15.23. Erasca, Inc. has a 52 week low of $1.33 and a 52 week high of $24.28. The firm has a market capitalization of $6.32 billion, a price-to-earnings ratio of -19.02 and a beta of 0.66.

Erasca (NASDAQ:ERAS - Get Free Report) last announced its 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 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding ERAS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Erasca, Inc. (NASDAQ:ERAS - Free Report).

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