Wellington Management Group LLP Acquires New Stake in Erasca, Inc. (NASDAQ:ERAS)

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

A number of other institutional investors have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company raised its stake in shares of Erasca by 41.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 67,661 shares of the company’s stock worth $185,000 after buying an additional 19,800 shares in the last quarter. FMR LLC raised its position in Erasca by 32.8% in the third quarter. FMR LLC now owns 306,129 shares of the company’s stock worth $836,000 after acquiring an additional 75,642 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Erasca in the 3rd quarter valued at about $994,000. State Street Corp boosted its position in shares of Erasca by 145.2% during the 3rd quarter. State Street Corp now owns 6,027,620 shares of the company’s stock valued at $16,455,000 after purchasing an additional 3,569,440 shares in the last quarter. Finally, Barclays PLC grew its stake in shares of Erasca by 627.5% in the 3rd quarter. Barclays PLC now owns 343,930 shares of the company’s stock worth $939,000 after purchasing an additional 296,657 shares during the last quarter. 67.78% of the stock is currently owned by institutional investors and hedge funds.

Erasca Trading Up 16.4 %

NASDAQ:ERAS opened at $1.24 on Monday. Erasca, Inc. has a 1-year low of $1.01 and a 1-year high of $3.45. The firm has a market capitalization of $351.25 million, a price-to-earnings ratio of -1.49 and a beta of 1.14. The business’s fifty day moving average price is $1.42 and its 200 day moving average price is $2.17.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings results on Thursday, March 20th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.01. During the same quarter last year, the firm earned ($0.20) EPS. Equities analysts forecast that Erasca, Inc. will post -0.73 earnings per share for the current year.

Analyst Ratings Changes

ERAS has been the subject of several recent research reports. Bank of America raised shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a research note on Tuesday, January 7th. The Goldman Sachs Group reduced their price objective on Erasca from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Raymond James initiated coverage on Erasca in a research report on Wednesday, March 26th. They set an “outperform” rating and a $5.00 target price on the stock. HC Wainwright reiterated a “buy” rating and issued a $6.00 price target on shares of Erasca in a research report on Friday, March 21st. Finally, 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. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $4.83.

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.