Bank of New York Mellon Corp Increases Stock Position in Erasca, Inc. (NASDAQ:ERAS)

Bank of New York Mellon Corp grew its holdings in Erasca, Inc. (NASDAQ:ERAS) by 50.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 392,490 shares of the company’s stock after purchasing an additional 131,829 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.23% of Erasca worth $926,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. lifted its stake in Erasca by 14.4% in the 1st quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock valued at $8,937,000 after buying an additional 545,765 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of Erasca by 286.5% in the first quarter. Acadian Asset Management LLC now owns 346,953 shares of the company’s stock worth $713,000 after acquiring an additional 257,174 shares during the last quarter. CVI Holdings LLC purchased a new stake in shares of Erasca in the first quarter valued at $3,000,000. Sierra Summit Advisors LLC acquired a new stake in shares of Erasca during the fourth quarter valued at $225,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Erasca during the first quarter valued at $216,000. 67.78% of the stock is owned by hedge funds and other institutional investors.

Erasca Trading Down 2.7 %

NASDAQ ERAS opened at $2.89 on Friday. The business’s 50-day moving average price is $2.89 and its 200 day moving average price is $2.43. Erasca, Inc. has a twelve month low of $1.51 and a twelve month high of $3.45. The company has a market capitalization of $501.01 million, a PE ratio of -3.44 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.12). Equities analysts predict that Erasca, Inc. will post -0.91 EPS for the current year.

Wall Street Analyst Weigh In

ERAS has been the topic of a number of recent research reports. HC Wainwright upped their target price on shares of Erasca from $5.00 to $6.00 and gave the company a “buy” rating in a report on Tuesday, August 13th. The Goldman Sachs Group cut their price objective on shares of Erasca from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Erasca presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.00.

Erasca Company Profile

Erasca, Inc, a clinical-stage precision oncology company, focuses on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company's lead product is naporafenib which is in phase 1b trial for patients with RAS Q16X solid tumors and plans to initiate a pivotal Phase 3 trial for patients with NRASm melanoma.