JPMorgan Chase & Co. Sells 13,100 Shares of Erasca, Inc. (NASDAQ:ERAS)

JPMorgan Chase & Co. lowered its stake in Erasca, Inc. (NASDAQ:ERAS) by 0.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 2,024,514 shares of the company’s stock after selling 13,100 shares during the quarter. JPMorgan Chase & Co. owned 0.72% of Erasca worth $5,527,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its position in Erasca by 50.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 392,490 shares of the company’s stock valued at $926,000 after purchasing an additional 131,829 shares during the period. Rhumbline Advisers boosted its stake in shares of Erasca by 27.2% during the 2nd quarter. Rhumbline Advisers now owns 154,615 shares of the company’s stock valued at $365,000 after purchasing an additional 33,106 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Erasca by 82.2% during the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after buying an additional 9,689 shares during the period. American Century Companies Inc. raised its stake in Erasca by 58.1% in the second quarter. American Century Companies Inc. now owns 130,407 shares of the company’s stock worth $308,000 after buying an additional 47,917 shares in the last quarter. Finally, Federated Hermes Inc. bought a new position in Erasca in the second quarter worth about $31,000. Institutional investors own 67.78% of the company’s stock.

Erasca Trading Down 3.1 %

Erasca stock opened at $1.86 on Friday. Erasca, Inc. has a 12 month low of $1.64 and a 12 month high of $3.45. The company has a market capitalization of $525.88 million, a price-to-earnings ratio of -2.24 and a beta of 1.21. The business’s fifty day simple moving average is $2.71 and its two-hundred day simple moving average is $2.75.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.06. On average, equities research analysts predict that Erasca, Inc. will post -0.73 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ERAS shares. Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a report on Tuesday, January 7th. The Goldman Sachs Group boosted their target price on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a report on Friday, October 25th. HC Wainwright reiterated a “buy” rating and issued a $6.00 price target on shares of Erasca in a research note on Wednesday, November 13th. Finally, Jefferies Financial Group assumed coverage on shares of Erasca in a research note on Monday, November 18th. They set a “buy” rating and a $6.00 price objective on the stock. Five analysts have rated the stock with a buy rating, According to MarketBeat, Erasca currently has a consensus rating of “Buy” and an average target price of $5.70.

About Erasca

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.