Wellington Management Group LLP Invests $1.17 Million in Erasca, Inc. (NASDAQ:ERAS)

Wellington Management Group LLP acquired a new position in shares of Erasca, Inc. (NASDAQ:ERAS - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 465,672 shares of the company's stock, valued at approximately $1,169,000. Wellington Management Group LLP owned about 0.16% of Erasca at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. State Street Corp boosted its position in shares of Erasca by 145.2% during the third quarter. State Street Corp now owns 6,027,620 shares of the company's stock worth $16,455,000 after purchasing an additional 3,569,440 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Erasca by 36.0% during the third quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company's stock worth $12,295,000 after acquiring an additional 1,190,807 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Erasca by 2.3% in the fourth 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 during the period. Bank of New York Mellon Corp grew its stake in Erasca by 6.9% in the fourth quarter. Bank of New York Mellon Corp now owns 544,819 shares of the company's stock valued at $1,367,000 after acquiring an additional 35,268 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Erasca in the third quarter worth about $994,000. Institutional investors and hedge funds own 67.78% of the company's stock.

Erasca Stock Down 0.9 %

Shares of NASDAQ:ERAS traded down $0.01 during midday trading on Friday, reaching $1.16. The company had a trading volume of 952,477 shares, compared to its average volume of 1,829,469. The business's 50 day moving average price is $1.38 and its 200 day moving average price is $2.14. Erasca, Inc. has a 1-year low of $1.01 and a 1-year high of $3.45. The stock has a market cap of $328.59 million, a PE ratio of -1.40 and a beta of 1.14.

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

Analysts Set New Price Targets

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

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.