The Manufacturers Life Insurance Company Purchases 10,164 Shares of Erasca, Inc. (NASDAQ:ERAS)

The Manufacturers Life Insurance Company boosted its position in Erasca, Inc. (NASDAQ:ERAS) by 27.0% during the second quarter, Holdings Channel.com reports. The fund owned 47,861 shares of the company’s stock after acquiring an additional 10,164 shares during the period. The Manufacturers Life Insurance Company’s holdings in Erasca were worth $113,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Logos Global Management LP purchased a new stake in shares of Erasca during the second quarter worth about $13,924,000. Marshall Wace LLP bought a new position in Erasca during the 2nd quarter valued at approximately $8,667,000. Affinity Asset Advisors LLC purchased a new stake in Erasca in the 2nd quarter worth approximately $5,899,000. Sofinnova Investments Inc. bought a new stake in shares of Erasca in the 2nd quarter worth approximately $4,011,000. Finally, CVI Holdings LLC bought a new stake in shares of Erasca in the 1st quarter worth approximately $3,000,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on ERAS. The Goldman Sachs Group dropped their price target on Erasca from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. HC Wainwright upped their price objective on shares of Erasca from $5.00 to $6.00 and gave the stock a “buy” rating in a report on Tuesday, August 13th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $6.00.

Erasca Stock Up 3.9 %

Shares of ERAS stock opened at $2.91 on Monday. The stock has a market cap of $504.47 million, a price-to-earnings ratio of -3.46 and a beta of 1.16. The business’s fifty day moving average is $2.77 and its 200 day moving average is $2.51. Erasca, Inc. has a twelve month low of $1.51 and a twelve month high of $3.45.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.12). Equities research analysts expect that Erasca, Inc. will post -0.91 earnings per share for the current fiscal year.

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.