Bank of America Corp DE Cuts Stock Position in Erasca, Inc. (NASDAQ:ERAS)

Bank of America Corp DE reduced its holdings in Erasca, Inc. (NASDAQ:ERAS - Free Report) by 53.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,945,773 shares of the company's stock after selling 2,274,898 shares during the period. Bank of America Corp DE owned approximately 0.69% of Erasca worth $4,884,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of Erasca by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,762,696 shares of the company's stock worth $4,424,000 after acquiring an additional 39,066 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of Erasca by 5.4% in the 4th quarter. Rhumbline Advisers now owns 223,888 shares of the company's stock worth $562,000 after acquiring an additional 11,400 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Erasca by 6.9% in the 4th quarter. Bank of New York Mellon Corp now owns 544,819 shares of the company's stock worth $1,367,000 after acquiring an additional 35,268 shares during the last quarter. Wellington Management Group LLP bought a new stake in shares of Erasca in the 4th quarter worth about $1,169,000. Finally, Barclays PLC lifted its holdings in shares of Erasca by 9.8% in the 4th quarter. Barclays PLC now owns 377,764 shares of the company's stock worth $948,000 after acquiring an additional 33,834 shares during the last quarter. 67.78% of the stock is owned by hedge funds and other institutional investors.

Erasca Price Performance

Shares of NASDAQ:ERAS traded up $0.03 during trading hours on Monday, hitting $1.43. The company's stock had a trading volume of 1,486,212 shares, compared to its average volume of 1,737,046. Erasca, Inc. has a 52 week low of $1.01 and a 52 week high of $3.45. The company has a market capitalization of $403.68 million, a price-to-earnings ratio of -1.72 and a beta of 1.12. The firm's fifty day moving average price is $1.29 and its 200 day moving average price is $1.81.

Erasca (NASDAQ:ERAS - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.01. On average, equities research analysts predict that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

ERAS has been the subject of several analyst reports. Raymond James initiated coverage on shares of Erasca in a report on Wednesday, March 26th. They issued an "outperform" rating and a $5.00 target price for the company. HC Wainwright reiterated a "buy" rating and set a $6.00 price objective on shares of Erasca in a report on Wednesday, April 30th. Guggenheim set a $3.00 price objective on shares of Erasca and gave the company a "buy" rating in a report on Wednesday, May 14th. The Goldman Sachs Group decreased their price objective on shares of Erasca from $3.50 to $3.00 and set a "buy" rating for the company in a report on Friday, March 21st. Finally, Morgan Stanley reiterated an "overweight" rating and set a $4.00 price objective on shares of Erasca in a report on Friday, March 7th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $4.57.

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.