JPMorgan Chase & Co. Lowers Holdings in Erasca, Inc. (NASDAQ:ERAS)

JPMorgan Chase & Co. lowered its position in shares of Erasca, Inc. (NASDAQ:ERAS) by 27.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,474,585 shares of the company’s stock after selling 549,929 shares during the period. JPMorgan Chase & Co. owned about 0.52% of Erasca worth $3,701,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. grew its stake in Erasca by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 59,949 shares of the company’s stock valued at $150,000 after purchasing an additional 5,614 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in shares of Erasca by 42.4% in the 4th quarter. New York State Common Retirement Fund now owns 26,859 shares of the company’s stock valued at $67,000 after buying an additional 8,000 shares in the last quarter. AXQ Capital LP purchased a new position in shares of Erasca in the 4th quarter worth approximately $27,000. Rhumbline Advisers grew its position 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 buying an additional 11,400 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its stake in shares of Erasca by 29.1% during the 4th quarter. Teacher Retirement System of Texas now owns 54,706 shares of the company’s stock worth $137,000 after acquiring an additional 12,345 shares in the last quarter. 67.78% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. The Goldman Sachs Group cut their price target 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. Bank of America raised Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a research report on Tuesday, January 7th. Raymond James began coverage on Erasca in a report on Wednesday, March 26th. They issued an “outperform” rating and a $5.00 price target for the company. HC Wainwright restated a “buy” rating and set a $6.00 price objective on shares of Erasca in a report on Friday, March 21st. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $4.00 target price on shares of Erasca in a research note on Friday, March 7th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Erasca has a consensus rating of “Buy” and a consensus target price of $4.83.

Erasca Stock Down 0.9 %

Shares of NASDAQ:ERAS opened at $1.16 on Monday. Erasca, Inc. has a 52-week low of $1.01 and a 52-week high of $3.45. The stock has a market cap of $328.59 million, a price-to-earnings ratio of -1.40 and a beta of 1.14. The business has a 50-day moving average price of $1.37 and a 200-day moving average price of $2.12.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings results on Thursday, March 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.01. During the same quarter in the previous year, the business earned ($0.20) EPS. As a group, equities analysts anticipate 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.