Franklin Resources Inc. Takes Position in Erasca, Inc. (NASDAQ:ERAS)

Franklin Resources Inc. bought a new position in shares of Erasca, Inc. (NASDAQ:ERAS) during the third quarter, Holdings Channel.com reports. The fund bought 65,872 shares of the company’s stock, valued at approximately $181,000.

A number of other large investors have also recently made changes to their positions in the company. State Street Corp grew its holdings in Erasca by 145.2% during the 3rd quarter. State Street Corp now owns 6,027,620 shares of the company’s stock worth $16,455,000 after acquiring an additional 3,569,440 shares in the last quarter. Barclays PLC lifted its position in shares of Erasca by 627.5% during the 3rd quarter. Barclays PLC now owns 343,930 shares of the company’s stock worth $939,000 after purchasing an additional 296,657 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Erasca by 27.0% during the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock worth $113,000 after purchasing an additional 10,164 shares in the last quarter. Fred Alger Management LLC purchased a new position in Erasca in the third quarter valued at $630,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Erasca in the third quarter valued at $994,000. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ERAS. The Goldman Sachs Group upped their price objective on Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Friday, October 25th. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price target on shares of Erasca in a report on Wednesday, November 13th. Finally, 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 price objective on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Erasca has a consensus rating of “Moderate Buy” and an average price target of $5.90.

Erasca Stock Performance

Erasca stock opened at $2.70 on Friday. The stock has a 50-day simple moving average of $2.77 and a 200-day simple moving average of $2.73. The company has a market capitalization of $763.36 million, a P/E ratio of -3.25 and a beta of 1.20. Erasca, Inc. has a fifty-two week low of $1.64 and a fifty-two week high of $3.45.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data 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. As a group, analysts forecast that Erasca, Inc. will post -0.73 earnings per share for the current year.

Erasca Profile

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.