Man Group plc Takes Position in Erasca, Inc. $ERAS

Man Group plc purchased a new position in Erasca, Inc. (NASDAQ:ERAS) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 202,553 shares of the company’s stock, valued at approximately $3,711,000.

Other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC increased its holdings in Erasca by 594.8% in the first quarter. AQR Capital Management LLC now owns 396,202 shares of the company’s stock valued at $543,000 after purchasing an additional 339,177 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Erasca by 1.6% during the second quarter. Geode Capital Management LLC now owns 4,835,642 shares of the company’s stock worth $6,143,000 after buying an additional 77,790 shares during the last quarter. Creative Planning boosted its holdings in Erasca by 423.3% during the second quarter. Creative Planning now owns 244,332 shares of the company’s stock worth $310,000 after buying an additional 197,637 shares during the last quarter. New York State Common Retirement Fund grew its position in shares of Erasca by 39.1% during the 2nd quarter. New York State Common Retirement Fund now owns 37,360 shares of the company’s stock worth $47,000 after buying an additional 10,501 shares during the period. Finally, Invesco Ltd. grew its position in shares of Erasca by 51.6% during the 2nd quarter. Invesco Ltd. now owns 172,226 shares of the company’s stock worth $219,000 after buying an additional 58,643 shares during the period. 67.78% of the stock is owned by institutional investors and hedge funds.

Erasca Price Performance

Shares of Erasca stock opened at $18.03 on Monday. The company has a market capitalization of $6.31 billion, a P/E ratio of -18.98 and a beta of 0.66. The business has a 50-day moving average of $18.20 and a two-hundred day moving average of $15.56. Erasca, Inc. has a 1 year low of $1.33 and a 1 year high of $24.28.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.03). On average, equities analysts anticipate that Erasca, Inc. will post -0.49 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ERAS. Mizuho lowered their price target on Erasca from $28.00 to $26.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Bank of America lifted their price objective on shares of Erasca from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, August 14th. HC Wainwright boosted their price objective on shares of Erasca from $18.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Morgan Stanley increased their target price on shares of Erasca from $12.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, July 20th. Finally, Wall Street Zen cut shares of Erasca from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.09.

Erasca Profile

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.