ERAS Erasca, Inc.
Executive Summary
Four institutional investors, led by State Street and Morgan Stanley, added $20.7M in ERAS positions during Q4 2025, while Two Sigma nearly exited its stake. The cluster is dominated by passive/index managers, suggesting index rebalancing or passive fund flows rather than an active fundamental thesis. The net buying is modest relative to ERAS's $4.2B market cap.
Key Financial Metrics
Institutional Positions
Net institutional flow: $20.1M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| State Street | ADD | +53.2% | $23.0M | $14.2M |
| Morgan Stanley | DOUBLED | +201.6% | $3.0M | $2.4M |
| Dimensional Fund Advisors | ADD | +29.4% | $6.6M | $3.6M |
| Wells Fargo | ADD | +38.8% | $819.0K | $473.0K |
▼ Sellers (1)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Two Sigma | NEAR_EXIT | -89.1% | $758.0K | -$616.7K |
Actionable Insight
The institutional cluster is dominated by passive/index managers, suggesting index rebalancing rather than a fundamental catalyst. Monitor for active manager accumulation or a specific catalyst (e.g., clinical trial data, partnership) to confirm a bullish thesis. The Two Sigma near-exit is a minor contrarian signal but not material given its small position size.
Key Facts
- 4 buyers added $20.7M in net new positions; 1 seller reduced by $617K
- State Street increased its stake by 53.2% to $23.0M (largest buyer)
- Morgan Stanley doubled its position (+201.6%) to $3.0M
- Two Sigma nearly exited (-89.1%), reducing from $758K to $141K
- 3 of 4 buyers are mega-passive managers (State Street, Wells Fargo, Morgan Stanley); 1 is an asset manager (Dimensional Fund Advisors)
- The cluster is dominated by passive/index fund flows, not active fundamental conviction
Financial Impact
4 institutions accumulated $20.7M in new positions while 1 reduced holdings by $617K; net institutional inflow of ~$20.1M
Risk Factors
- Passive-dominated cluster may not reflect active fundamental conviction
- 13F data is 45+ days stale; positions may have been unwound
- Two Sigma's near-exit could indicate negative proprietary research
Market Snapshot
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-ERAS-2025-Q4 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 12, 2026
1d ago
|
Institutional Cluster
| $14.03 awaiting T+5 | awaiting T+5 | — | — |
|
Jun 11, 2026
1d ago
|
Institutional Cluster
| $13.70 awaiting T+5 | awaiting T+5 | — | — |
|
Jun 11, 2026
2d ago
|
Institutional Cluster
| $13.13 awaiting T+5 | awaiting T+5 | — | — |
|
May 11, 2026
4w ago
|
Press Release
| $10.44 $10.27 | ▼ −1.63% | ▼ −1.54% | — |
|
Apr 28, 2026
6w ago
|
DEFA14A
| $9.11 $9.99 | ▲ +9.66% | ▲ +6.55% | — |
|
Apr 27, 2026
6w ago
|
8-K
| $9.90 $10.14 | ▲ +2.42% | ▲ +0.73% | — |
|
Apr 27, 2026
6w ago
|
Press Release
| $9.90 $10.14 | ▲ +2.42% | ▲ +0.73% | — |
|
Apr 27, 2026
6w ago
|
8-K
| $19.15 $10.14 | ▼ −47.05% | ▼ −47.45% | — |
|
Apr 21, 2026
7w ago
|
8-K
| $22.41 $9.90 | ▼ −55.82% | ▼ −56.91% | — |
|
Mar 12, 2026
13w ago
|
Press Release
| $13.62 $14.60 | ▲ +7.20% | ▲ +9.31% | — |
US Market Status
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