Bank of New York Mellon Corp Grows Holdings in Erasca, Inc. (NASDAQ:ERAS)

Bank of New York Mellon Corp grew its stake in Erasca, Inc. (NASDAQ:ERAS) by 6.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 544,819 shares of the company’s stock after buying an additional 35,268 shares during the period. Bank of New York Mellon Corp owned approximately 0.19% of Erasca worth $1,367,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. China Universal Asset Management Co. Ltd. grew its stake in Erasca by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 59,949 shares of the company’s stock worth $150,000 after buying an additional 5,614 shares in the last quarter. New York State Common Retirement Fund grew its stake in Erasca by 42.4% in the 4th quarter. New York State Common Retirement Fund now owns 26,859 shares of the company’s stock worth $67,000 after buying an additional 8,000 shares in the last quarter. Rhumbline Advisers grew its stake in Erasca by 5.4% in the 4th quarter. Rhumbline Advisers now owns 223,888 shares of the company’s stock worth $562,000 after buying an additional 11,400 shares in the last quarter. SG Americas Securities LLC grew its stake in Erasca by 19.4% in the 4th quarter. SG Americas Securities LLC now owns 77,545 shares of the company’s stock worth $195,000 after buying an additional 12,599 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Erasca by 41.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 67,661 shares of the company’s stock worth $185,000 after buying an additional 19,800 shares in the last quarter. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Erasca Trading Up 3.4 %

Shares of NASDAQ ERAS opened at $1.53 on Monday. Erasca, Inc. has a 12 month low of $1.23 and a 12 month high of $3.45. The firm has a market capitalization of $432.57 million, a PE ratio of -1.84 and a beta of 1.22. The firm has a fifty day simple moving average of $1.63 and a two-hundred day simple moving average of $2.36.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Wednesday, March 26th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.01. During the same quarter in the prior year, the business earned ($0.20) earnings per share. On average, sell-side analysts predict that Erasca, Inc. will post -0.73 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ERAS. Bank of America raised shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a research note on Tuesday, January 7th. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Erasca in a research note on Friday. The Goldman Sachs Group cut their price objective on shares of Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $4.00 price objective on shares of Erasca in a research note on Friday, March 7th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Erasca has an average rating of “Buy” and a consensus target price of $4.80.

Erasca 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.