Franklin Resources Inc. Invests $181,000 in Erasca, Inc. (NASDAQ:ERAS)

Franklin Resources Inc. acquired a new stake in Erasca, Inc. (NASDAQ:ERAS) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 65,872 shares of the company’s stock, valued at approximately $181,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Federated Hermes Inc. acquired a new stake in shares of Erasca during the 2nd quarter worth approximately $31,000. Sei Investments Co. purchased a new position in Erasca in the second quarter worth approximately $39,000. Victory Capital Management Inc. grew its position in Erasca by 82.2% in the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock worth $51,000 after acquiring an additional 9,689 shares during the period. Creative Planning increased its stake in Erasca by 23.0% during the third quarter. Creative Planning now owns 20,014 shares of the company’s stock worth $55,000 after acquiring an additional 3,737 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in Erasca by 27.0% in the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock valued at $113,000 after purchasing an additional 10,164 shares during the period. 67.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ERAS has been the subject of a number of research analyst reports. Jefferies Financial Group began coverage on Erasca in a report on Monday, November 18th. They set a “buy” rating and a $6.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and set a $6.00 target price on shares of Erasca in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group boosted their price target on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Erasca has an average rating of “Moderate Buy” and a consensus target price of $5.90.

Erasca Price Performance

Shares of Erasca stock opened at $2.70 on Friday. The stock has a market capitalization of $763.36 million, a price-to-earnings ratio of -3.25 and a beta of 1.20. The business has a 50-day moving average of $2.77 and a 200 day moving average of $2.73. Erasca, Inc. has a 12 month low of $1.64 and a 12 month high of $3.45.

Erasca (NASDAQ:ERAS) last announced its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.06. Equities research analysts anticipate that Erasca, Inc. will post -0.73 earnings per share for the current 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.