Barclays PLC Boosts Stock Position in Erasca, Inc. (NASDAQ:ERAS)

Barclays PLC raised its position in Erasca, Inc. (NASDAQ:ERAS - Free Report) by 627.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 343,930 shares of the company's stock after purchasing an additional 296,657 shares during the quarter. Barclays PLC owned about 0.12% of Erasca worth $939,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ERAS. Bank of New York Mellon Corp raised its position in shares of Erasca by 50.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 392,490 shares of the company's stock valued at $926,000 after buying an additional 131,829 shares during the period. Rhumbline Advisers increased its stake in Erasca by 27.2% during the second quarter. Rhumbline Advisers now owns 154,615 shares of the company's stock worth $365,000 after acquiring an additional 33,106 shares during the last quarter. Victory Capital Management Inc. raised 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 valued at $51,000 after purchasing an additional 9,689 shares during the period. American Century Companies Inc. lifted its stake in shares of Erasca by 58.1% in the 2nd quarter. American Century Companies Inc. now owns 130,407 shares of the company's stock valued at $308,000 after purchasing an additional 47,917 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new position in shares of Erasca during the 2nd quarter worth $31,000. Hedge funds and other institutional investors own 67.78% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ERAS shares. Bank of America upgraded shares of Erasca from a "neutral" rating to a "buy" rating and set a $5.00 price objective on the stock in a report on Tuesday, January 7th. Jefferies Financial Group initiated coverage on shares of Erasca in a research note on Monday, November 18th. They issued a "buy" rating and a $6.00 price target on the stock. The Goldman Sachs Group increased their price objective on shares of Erasca from $3.00 to $3.50 and gave the stock a "buy" rating in a research report on Friday, October 25th. Finally, HC Wainwright reissued a "buy" rating and issued a $6.00 target price on shares of Erasca in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Erasca has a consensus rating of "Buy" and an average target price of $5.70.

Erasca Stock Down 0.5 %

NASDAQ ERAS traded down $0.01 during trading hours on Wednesday, hitting $1.92. 1,300,479 shares of the company were exchanged, compared to its average volume of 1,432,063. The company has a 50 day moving average of $2.73 and a two-hundred day moving average of $2.76. The firm has a market cap of $542.84 million, a price-to-earnings ratio of -2.31 and a beta of 1.21. Erasca, Inc. has a 52-week low of $1.64 and a 52-week high of $3.45.

Erasca (NASDAQ:ERAS - Get Free Report) last posted 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, equities research analysts predict that Erasca, Inc. will post -0.73 EPS for the current 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.