Palumbo Wealth Management LLC Sells 11,123 Shares of Erasca, Inc. (NASDAQ:ERAS)

Palumbo Wealth Management LLC lowered its stake in shares of Erasca, Inc. (NASDAQ:ERAS) by 28.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,600 shares of the company’s stock after selling 11,123 shares during the quarter. Palumbo Wealth Management LLC’s holdings in Erasca were worth $72,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Frazier Life Sciences Management L.P. grew its holdings in Erasca by 19.6% during the third quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock worth $52,939,000 after buying an additional 3,175,471 shares in the last quarter. State Street Corp grew its holdings in 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 buying an additional 3,569,440 shares in the last quarter. PFM Health Sciences LP grew its holdings in Erasca by 4.4% during the third quarter. PFM Health Sciences LP now owns 4,876,911 shares of the company’s stock worth $13,314,000 after buying an additional 205,137 shares in the last quarter. Geode Capital Management LLC grew 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 buying an additional 1,190,807 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Erasca by 29.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,723,630 shares of the company’s stock worth $4,706,000 after buying an additional 390,209 shares in the last quarter. Institutional investors own 67.78% of the company’s stock.

Wall Street Analysts Forecast Growth

ERAS has been the subject of a number of recent analyst reports. Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a research note on Tuesday, January 7th. The Goldman Sachs Group upped their price objective on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Friday, October 25th. HC Wainwright restated a “buy” rating and issued a $6.00 price objective on shares of Erasca in a research note on Wednesday, November 13th. Finally, Jefferies Financial Group initiated coverage on Erasca in a research note on Monday, November 18th. They issued a “buy” rating and a $6.00 price objective for the company. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Erasca has a consensus rating of “Buy” and an average price target of $5.70.

Erasca Stock Performance

ERAS stock opened at $1.57 on Monday. The company has a market capitalization of $443.89 million, a price-to-earnings ratio of -1.89 and a beta of 1.17. Erasca, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.45. The stock has a fifty day moving average of $2.22 and a 200-day moving average of $2.59.

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.