Rhumbline Advisers Boosts Stock Holdings in Erasca, Inc. (NASDAQ:ERAS)

Rhumbline Advisers increased its stake in Erasca, Inc. (NASDAQ:ERAS) by 5.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 223,888 shares of the company’s stock after acquiring an additional 11,400 shares during the period. Rhumbline Advisers owned approximately 0.08% of Erasca worth $562,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Creative Planning raised its position in Erasca by 23.0% in the 3rd quarter. Creative Planning now owns 20,014 shares of the company’s stock valued at $55,000 after purchasing an additional 3,737 shares in the last quarter. Valence8 US LP purchased a new stake in shares of Erasca during the third quarter worth approximately $128,000. China Universal Asset Management Co. Ltd. raised its holdings in Erasca by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 59,949 shares of the company’s stock valued at $150,000 after acquiring an additional 5,614 shares in the last quarter. Intech Investment Management LLC purchased a new position in Erasca in the third quarter worth approximately $173,000. Finally, Franklin Resources Inc. purchased a new position in Erasca in the third quarter worth approximately $181,000. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

Erasca Price Performance

Shares of ERAS opened at $1.53 on Friday. Erasca, Inc. has a 1-year low of $1.23 and a 1-year high of $3.45. The stock has a market cap of $432.57 million, a PE ratio of -1.84 and a beta of 1.22. The firm has a fifty day moving average price of $1.88 and a 200 day moving average price of $2.47.

Analyst Ratings Changes

A number of brokerages have commented on ERAS. Morgan Stanley reissued an “overweight” rating and issued a $4.00 price objective on shares of Erasca in a research report on Friday. HC Wainwright reissued a “buy” rating and issued a $6.00 target price on shares of Erasca in a report on Wednesday, November 13th. Bank of America raised Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a report on Tuesday, January 7th. Finally, Jefferies Financial Group began coverage on Erasca in a research report on Monday, November 18th. They set a “buy” rating and a $6.00 price objective for the company. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $5.42.

About Erasca

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.