Charles Schwab Investment Management Inc. Has $1.98 Million Stock Position in Erasca, Inc. $ERAS

Key Points

• Charles Schwab Investment Management Inc. cut its stake in Erasca, Inc. by 18.2%, now holding approximately 1.44 million shares worth $1.975 million.
• Analysts are mixed on Erasca's stock, with ratings from "sell" to "buy" and a consensus target price of $4.29, despite a recent price target reduction by Morgan Stanley.
• Erasca's latest quarterly earnings matched estimates, reporting ($0.12) EPS, and analysts forecast a projected loss of ($0.73) EPS for the current fiscal year.

Charles Schwab Investment Management Inc. decreased its position in Erasca, Inc. (NASDAQ:ERAS - Free Report) by 18.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,441,656 shares of the company's stock after selling 321,040 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.51% of Erasca worth $1,975,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Mackenzie Financial Corp bought a new stake in shares of Erasca in the 4th quarter worth approximately $28,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Erasca in the 1st quarter worth about $39,000. Brevan Howard Capital Management LP acquired a new position in Erasca during the 4th quarter worth about $41,000. Cerity Partners LLC acquired a new position in Erasca during the 1st quarter worth about $49,000. Finally, CWM LLC lifted its position in Erasca by 1,907.2% during the 1st quarter. CWM LLC now owns 36,250 shares of the company's stock worth $50,000 after buying an additional 34,444 shares in the last quarter. Institutional investors own 67.78% of the company's stock.

Analyst Ratings Changes

ERAS has been the topic of a number of research reports. Bank of America restated an "underperform" rating and set a $1.00 target price (down from $4.00) on shares of Erasca in a research report on Wednesday. Wall Street Zen upgraded shares of Erasca from a "sell" rating to a "hold" rating in a report on Saturday, August 30th. Guggenheim set a $3.00 price objective on Erasca and gave the company a "buy" rating in a report on Wednesday, May 14th. Finally, Morgan Stanley reissued an "equal weight" rating and issued a $2.00 price objective (down previously from $4.00) on shares of Erasca in a report on Monday, August 18th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $3.71.

Erasca Trading Up 8.8%

Erasca stock traded up $0.13 during midday trading on Friday, reaching $1.61. The company's stock had a trading volume of 2,975,693 shares, compared to its average volume of 760,230. Erasca, Inc. has a 52 week low of $1.01 and a 52 week high of $3.31. The business has a 50-day moving average price of $1.51 and a 200-day moving average price of $1.42. The stock has a market cap of $456.71 million, a PE ratio of -3.58 and a beta of 1.08.

Erasca (NASDAQ:ERAS - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.12). As a group, research analysts predict that Erasca, Inc. will post -0.73 EPS for the current fiscal 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.