Dimensional Fund Advisors LP Buys 903,687 Shares of Erasca, Inc. (NASDAQ:ERAS)

Dimensional Fund Advisors LP raised its holdings in Erasca, Inc. (NASDAQ:ERAS - Free Report) by 74.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,111,986 shares of the company's stock after buying an additional 903,687 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.75% of Erasca worth $5,301,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Barclays PLC boosted its holdings in Erasca by 627.5% in the 3rd quarter. Barclays PLC now owns 343,930 shares of the company's stock worth $939,000 after acquiring an additional 296,657 shares during the period. Charles Schwab Investment Management Inc. increased its position 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 worth $4,424,000 after buying an additional 39,066 shares during the period. Rhumbline Advisers increased its position in Erasca by 5.4% in the fourth 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 period. Bank of New York Mellon Corp increased its position 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 worth $1,367,000 after buying an additional 35,268 shares during the period. Finally, Wellington Management Group LLP acquired a new stake in Erasca in the fourth quarter worth $1,169,000. Hedge funds and other institutional investors own 67.78% of the company's stock.

Erasca Stock Performance

Shares of NASDAQ:ERAS traded up $0.02 during midday trading on Friday, reaching $1.29. The company had a trading volume of 889,932 shares, compared to its average volume of 1,870,741. Erasca, Inc. has a 1-year low of $1.01 and a 1-year high of $3.45. The company has a fifty day simple moving average of $1.34 and a two-hundred day simple moving average of $1.94. The firm has a market cap of $364.02 million, a price-to-earnings ratio of -1.55 and a beta of 1.12.

Erasca (NASDAQ:ERAS - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.01. Analysts expect that Erasca, Inc. will post -0.73 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ERAS shares. The Goldman Sachs Group decreased their price target 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 started coverage on Erasca in a research note on Wednesday, March 26th. They set an "outperform" rating and a $5.00 target price for the company. Morgan Stanley reaffirmed an "overweight" rating and set a $4.00 target price on shares of Erasca in a research note on Friday, March 7th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $6.00 target price on shares of Erasca in a research note on Wednesday, April 30th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target 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.