Erasca, Inc. (NASDAQ:ERAS) Stock Position Boosted by Barclays PLC

Barclays PLC raised its stake in shares of Erasca, Inc. (NASDAQ:ERAS) by 627.5% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 343,930 shares of the company’s stock after buying an additional 296,657 shares during the period. Barclays PLC’s holdings in Erasca were worth $939,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Federated Hermes Inc. acquired a new position in shares of Erasca during the second quarter valued at approximately $31,000. Sei Investments Co. acquired a new position in shares of Erasca during the 2nd quarter valued at $39,000. Victory Capital Management Inc. raised its stake in shares of Erasca by 82.2% in the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock worth $51,000 after buying an additional 9,689 shares in the last quarter. Creative Planning lifted its holdings in shares of Erasca by 23.0% in the third quarter. Creative Planning now owns 20,014 shares of the company’s stock valued at $55,000 after buying an additional 3,737 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of 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 buying an additional 10,164 shares during the period. 67.78% of the stock is currently owned by institutional investors.

Erasca Stock Performance

NASDAQ ERAS opened at $1.92 on Wednesday. The firm’s 50 day moving average price is $2.73 and its two-hundred day moving average price is $2.76. Erasca, Inc. has a twelve month low of $1.64 and a twelve month high of $3.45. The stock has a market cap of $542.84 million, a price-to-earnings ratio of -2.31 and a beta of 1.21.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.06. On average, research analysts forecast that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ERAS has been the subject of a number of research analyst reports. HC Wainwright restated a “buy” rating and set a $6.00 price objective on shares of Erasca in a research report on Wednesday, November 13th. Jefferies Financial Group began coverage on shares of Erasca in a report on Monday, November 18th. They set a “buy” rating and a $6.00 target price for the company. Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a research report on Tuesday, January 7th. Finally, The Goldman Sachs Group lifted their target price on Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a report on Friday, October 25th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Erasca currently has a consensus rating of “Buy” and a consensus target price of $5.70.

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.