Erasca, Inc. (NASDAQ:ERAS) Position Reduced by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its stake in Erasca, Inc. (NASDAQ:ERAS - Free Report) by 27.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,474,585 shares of the company's stock after selling 549,929 shares during the period. JPMorgan Chase & Co. owned 0.52% of Erasca worth $3,701,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. State Street Corp increased its holdings in Erasca by 145.2% in the third quarter. State Street Corp now owns 6,027,620 shares of the company's stock valued at $16,455,000 after buying an additional 3,569,440 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Erasca by 36.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company's stock valued at $12,295,000 after acquiring an additional 1,190,807 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Erasca by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,762,696 shares of the company's stock valued at $4,424,000 after acquiring an additional 39,066 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Erasca by 6.9% during the fourth quarter. Bank of New York Mellon Corp now owns 544,819 shares of the company's stock worth $1,367,000 after purchasing an additional 35,268 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in Erasca by 27.9% in the fourth quarter. American Century Companies Inc. now owns 363,571 shares of the company's stock worth $913,000 after purchasing an additional 79,365 shares during the period. Institutional investors and hedge funds own 67.78% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ERAS shares. The Goldman Sachs Group dropped their target price on shares of Erasca from $3.50 to $3.00 and set a "buy" rating on the stock in a report on Friday, March 21st. Raymond James started coverage on shares of Erasca in a research note on Wednesday, March 26th. They set an "outperform" rating and a $5.00 price objective on the stock. Bank of America raised Erasca from a "neutral" rating to a "buy" rating and set a $5.00 target price for the company in a report on Tuesday, January 7th. HC Wainwright reissued a "buy" rating and issued a $6.00 price target on shares of Erasca in a report on Friday, March 21st. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $4.00 target price on shares of Erasca in a research report on Friday, March 7th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $4.83.

Erasca Price Performance

ERAS stock traded down $0.01 on Friday, reaching $1.40. The company's stock had a trading volume of 216,185 shares, compared to its average volume of 1,845,636. 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 $395.16 million, a P/E ratio of -1.68 and a beta of 1.14. The firm has a fifty day moving average of $1.35 and a two-hundred day moving average of $2.10.

Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings results on Thursday, March 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.01. During the same period in the prior year, the firm posted ($0.20) earnings per share. As a group, equities analysts expect that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Erasca Company 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.