The Manufacturers Life Insurance Company Increases Stock Holdings in Erasca, Inc. (NASDAQ:ERAS)

The Manufacturers Life Insurance Company increased its position in Erasca, Inc. (NASDAQ:ERAS) by 27.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 47,861 shares of the company’s stock after acquiring an additional 10,164 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Erasca were worth $113,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings 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 purchasing an additional 545,765 shares during the period. Acadian Asset Management LLC raised its position 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 buying an additional 257,174 shares in the last quarter. CVI Holdings LLC bought a new stake in Erasca during the first quarter valued at $3,000,000. Sofinnova Investments Inc. purchased a new position in Erasca during the second quarter worth about $4,011,000. Finally, Logos Global Management LP bought a new position in Erasca in the 2nd quarter worth about $13,924,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ERAS. The Goldman Sachs Group dropped their price target on Erasca from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. HC Wainwright raised their target price on shares of Erasca from $5.00 to $6.00 and gave the company a “buy” rating in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $6.00.

Erasca Stock Up 3.9 %

Shares of ERAS stock opened at $2.91 on Monday. The business has a 50-day moving average price of $2.77 and a two-hundred day moving average price of $2.51. Erasca, Inc. has a 12-month low of $1.51 and a 12-month high of $3.45. The firm has a market cap of $504.47 million, a P/E ratio of -3.46 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 analysts’ consensus estimates of ($0.17) by ($0.12). As a group, research analysts expect that Erasca, Inc. will post -0.91 EPS for the current fiscal year.

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.