Palumbo Wealth Management LLC Reduces Stake in Erasca, Inc. (NASDAQ:ERAS)

Palumbo Wealth Management LLC decreased its stake in shares of Erasca, Inc. (NASDAQ:ERAS) by 28.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 28,600 shares of the company’s stock after selling 11,123 shares during the period. Palumbo Wealth Management LLC’s holdings in Erasca were worth $72,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ERAS. Creative Planning raised its holdings in shares of Erasca by 23.0% in the 3rd quarter. Creative Planning now owns 20,014 shares of the company’s stock valued at $55,000 after acquiring an additional 3,737 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Erasca by 27.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock valued at $113,000 after acquiring an additional 10,164 shares in the last quarter. Valence8 US LP purchased a new stake in shares of Erasca in the 3rd quarter valued at about $128,000. China Universal Asset Management Co. Ltd. raised its holdings in shares of Erasca by 78.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 54,335 shares of the company’s stock valued at $148,000 after acquiring an additional 23,808 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new stake in shares of Erasca in the 3rd quarter valued at about $173,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Erasca Trading Down 3.7 %

Shares of NASDAQ ERAS opened at $1.57 on Monday. The stock has a market cap of $443.89 million, a price-to-earnings ratio of -1.89 and a beta of 1.17. Erasca, Inc. has a 1-year low of $1.51 and a 1-year high of $3.45. The stock’s 50-day moving average is $2.22 and its 200 day moving average is $2.59.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ERAS. Jefferies Financial Group began coverage on Erasca in a report on Monday, November 18th. They issued a “buy” rating and a $6.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price target on shares of Erasca in a report on Wednesday, November 13th. Bank of America raised Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a report on Tuesday, January 7th. Finally, The Goldman Sachs Group raised their price objective on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a report on Friday, October 25th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $5.70.

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.