Legal & General Group Plc Buys Shares of 148,195 Erasca, Inc. $ERAS

Key Points

• Legal & General Group Plc acquired 148,195 Erasca shares during the second quarter, valued at approximately $2.7 million. Institutional investors and hedge funds collectively own 67.78% of Erasca.
• Analysts maintain a generally positive outlook, with eight Buy ratings, two Holds, and one Sell. Erasca has a “Moderate Buy” consensus rating and an average price target of $22.09.
• Erasca shares recently opened at $16.19, compared with a 52-week range of $1.47 to $24.28. The company reported a quarterly loss of $0.14 per share, missing estimates by $0.03, and analysts expect a full-year loss of $0.49 per share.

Legal & General Group Plc bought a new stake 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 148,195 shares of the company's stock, valued at approximately $2,715,000.

Other institutional investors have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company lifted its holdings in Erasca by 295.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 216,614 shares of the company's stock valued at $3,505,000 after purchasing an additional 161,845 shares in the last quarter. Handelsbanken Fonder AB purchased a new stake in shares of Erasca during the second quarter worth $1,500,000. Bank of America Corp DE grew its holdings in shares of Erasca by 89.6% during the first quarter. Bank of America Corp DE now owns 3,055,897 shares of the company's stock worth $49,444,000 after buying an additional 1,444,047 shares in the last quarter. E Fund Management Co. Ltd. purchased a new position in shares of Erasca in the second quarter worth about $4,862,000. Finally, BlackRock Inc. acquired a new position in Erasca during the second quarter worth about $387,544,000. 67.78% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Jefferies Financial Group reiterated a "buy" rating on shares of Erasca in a report on Tuesday, July 14th. Morgan Stanley upped their price target on Erasca from $12.00 to $21.00 and gave the company an "equal weight" rating in a research report on Monday, July 20th. Wolfe Research set a $16.00 price objective on Erasca in a research report on Thursday, June 4th. HSBC set a $20.00 price objective on Erasca in a research note on Tuesday, July 14th. Finally, Bank of America raised their target price on Erasca from $18.00 to $20.00 and gave the stock a "neutral" rating in a research note on Friday, August 14th. Eight investment 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 data from MarketBeat, Erasca presently has an average rating of "Moderate Buy" and a consensus target price of $22.09.

Erasca Price Performance

Erasca stock opened at $16.19 on Friday. The firm has a 50 day simple moving average of $18.35 and a 200-day simple moving average of $15.70. The stock has a market cap of $5.66 billion, a price-to-earnings ratio of -17.04 and a beta of 0.64. Erasca, Inc. has a 1-year low of $1.47 and a 1-year high of $24.28.

Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.03). Equities analysts expect that Erasca, Inc. will post -0.49 earnings per share 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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