The Manufacturers Life Insurance Company Takes Position in Erasca, Inc. $ERAS

Key Points

• The Manufacturers Life Insurance Company acquired 347,656 Erasca shares worth approximately $6.37 million, giving it a 0.10% stake. Institutional investors collectively own 67.78% of the company.
• Analysts maintain a generally positive outlook, with eight Buy ratings, two Holds and one Sell; Erasca has a consensus “Moderate Buy” rating and an average price target of $22.09.
• Erasca shares opened at $18.03, compared with a 52-week range of $1.33 to $24.28. The clinical-stage biotech reported a quarterly loss of $0.14 per share, missing estimates by $0.03.

The Manufacturers Life Insurance Company acquired a new position in Erasca, Inc. (NASDAQ:ERAS - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 347,656 shares of the company's stock, valued at approximately $6,369,000. The Manufacturers Life Insurance Company owned about 0.10% of Erasca as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. BNP Paribas Financial Markets lifted its position in Erasca by 58.0% during the second quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company's stock valued at $27,000 after acquiring an additional 7,923 shares during the last quarter. EP Wealth Advisors LLC purchased a new position in Erasca in the second quarter worth $29,000. Russell Investments Group Ltd. purchased a new position in Erasca in the third quarter worth $31,000. Allworth Financial LP acquired a new position in shares of Erasca during the second quarter worth $34,000. Finally, EntryPoint Capital LLC acquired a new position in shares of Erasca during the fourth quarter worth $38,000. Institutional investors own 67.78% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ERAS. Mizuho lowered their price objective on Erasca from $28.00 to $26.00 and set an "outperform" rating for the company in a research report on Tuesday, May 12th. Bank of America upped their target price on Erasca from $18.00 to $20.00 and gave the company a "neutral" rating in a research report on Friday, August 14th. Wolfe Research set a $16.00 price target on Erasca in a research note on Thursday, June 4th. HSBC set a $20.00 price target on Erasca in a report on Tuesday, July 14th. Finally, Wall Street Zen downgraded shares of Erasca from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $22.09.

Erasca Price Performance

Shares of NASDAQ:ERAS opened at $18.03 on Monday. Erasca, Inc. has a 52-week low of $1.33 and a 52-week high of $24.28. The stock has a market cap of $6.31 billion, a price-to-earnings ratio of -18.98 and a beta of 0.66. The business has a 50-day moving average price of $18.20 and a 200-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) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.03). As a group, equities analysts anticipate that Erasca, Inc. will post -0.49 EPS 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.

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