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

Wellington Management Group LLP bought a new stake in Erasca, Inc. (NASDAQ:ERAS - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm 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 quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. New York State Common Retirement Fund increased its holdings in Erasca by 42.4% in the fourth 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. MetLife Investment Management LLC increased its holdings in Erasca by 8.7% in the fourth quarter. MetLife Investment Management LLC now owns 112,725 shares of the company's stock valued at $283,000 after buying an additional 9,039 shares in the last quarter. Hsbc Holdings PLC increased its holdings in Erasca by 57.3% in the fourth quarter. Hsbc Holdings PLC now owns 28,714 shares of the company's stock valued at $73,000 after buying an additional 10,458 shares in the last quarter. AXQ Capital LP purchased a new position in Erasca in the fourth quarter valued at about $27,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in Erasca by 18.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 70,037 shares of the company's stock valued at $176,000 after buying an additional 10,899 shares in the last quarter. 67.78% of the stock is owned by hedge funds and other institutional investors.

Erasca Price Performance

ERAS traded up $0.03 during trading on Friday, hitting $1.60. The company's stock had a trading volume of 1,732,927 shares, compared to its average volume of 1,749,390. The firm's 50 day moving average price is $1.30 and its 200-day moving average price is $1.79. The stock has a market cap of $453.26 million, a PE ratio of -1.93 and a beta of 1.09. Erasca, Inc. has a twelve month low of $1.01 and a twelve month high of $3.45.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.01. Equities analysts anticipate that Erasca, Inc. will post -0.73 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Guggenheim set a $3.00 target price on shares of Erasca and gave the company a "buy" rating in a report on Wednesday, May 14th. HC Wainwright reissued a "buy" rating and set a $6.00 price objective on shares of Erasca in a research note on Wednesday, April 30th. Morgan Stanley reissued an "overweight" rating and set a $4.00 price objective on shares of Erasca in a research note on Friday, March 7th. Raymond James began coverage on shares of Erasca in a research note on Wednesday, March 26th. They set an "outperform" rating and a $5.00 price objective for the company. Finally, The Goldman Sachs Group dropped their price objective on shares of Erasca from $3.50 to $3.00 and set a "buy" rating for the company in a research note on Friday, March 21st. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $4.57.

Erasca 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.