Man Group plc Invests $3.71 Million in Erasca, Inc. $ERAS

Key Points

• Man Group plc acquired 202,553 Erasca shares worth approximately $3.71 million in the second quarter, joining several other institutional investors. Institutions now own 67.78% of ERAS.
• Erasca shares opened at $18.03, with a market capitalization of about $6.31 billion, after trading between $1.33 and $24.28 over the past year. The company’s latest quarterly loss of $0.14 per share missed analysts’ $0.11 estimate.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $22.09; eight analysts rate the stock Buy, compared with two Holds and one Sell.

Man Group plc bought a new position in Erasca, Inc. (NASDAQ:ERAS - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 202,553 shares of the company's stock, valued at approximately $3,711,000. Man Group plc owned approximately 0.06% of Erasca at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of ERAS. Jupiter Topco LLC bought a new stake in Erasca during the 2nd quarter worth approximately $1,404,000. ARCH Venture Management LLC bought a new position in Erasca in the 2nd quarter valued at $129,917,324. Parkman Healthcare Partners LLC acquired a new position in Erasca in the second quarter worth $4,739,000. Legal & General Group Plc acquired a new position in Erasca in the second quarter worth $2,715,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Erasca during the second quarter worth $6,369,000. 67.78% of the stock is currently owned by institutional investors.

Erasca Stock Performance

Shares of NASDAQ:ERAS opened at $18.03 on Monday. Erasca, Inc. has a 1-year low of $1.33 and a 1-year high of $24.28. The stock has a market capitalization of $6.31 billion, a P/E ratio of -18.98 and a beta of 0.66. The business has a 50-day moving average price of $18.20 and a two-hundred day moving average price of $15.56.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.03). As a group, equities analysts predict that Erasca, Inc. will post -0.49 EPS for the current year.

Analysts Set New Price Targets

ERAS has been the subject of a number of research analyst reports. Guggenheim lifted their price target on Erasca from $20.00 to $21.00 and gave the company a "buy" rating in a report on Thursday, August 13th. Weiss Ratings reissued a "sell (d-)" rating on shares of Erasca in a report on Thursday, June 11th. Morgan Stanley raised their price objective on shares of Erasca from $12.00 to $21.00 and gave the company an "equal weight" rating in a research report on Monday, July 20th. Mizuho dropped their target price on shares of Erasca from $28.00 to $26.00 and set an "outperform" rating for the company in a research note on Tuesday, May 12th. Finally, HC Wainwright upped their target price on shares of Erasca from $18.00 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. 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 stock. According to data from MarketBeat, Erasca currently has a consensus rating of "Moderate Buy" and an average target price of $22.09.

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.

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