Erasca (NASDAQ:ERAS) Shares Up 7.5% Following Analyst Upgrade

Erasca, Inc. (NASDAQ:ERAS)’s share price shot up 7.5% on Tuesday after Bank of America raised their price target on the stock from $16.00 to $18.00. Bank of America currently has a neutral rating on the stock. Erasca traded as high as $19.54 and last traded at $19.2350. Approximately 1,801,416 shares traded hands during trading, a decline of 73% from the average session volume of 6,555,270 shares. The stock had previously closed at $17.90.

Several other equities research analysts have also commented on the company. Stifel Nicolaus upped their price objective on Erasca from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Guggenheim boosted their price target on Erasca from $12.00 to $20.00 and gave the company a “buy” rating in a report on Monday, March 16th. Wolfe Research set a $16.00 price objective on Erasca in a research note on Thursday, June 4th. HSBC set a $20.00 price objective on Erasca in a research report on Tuesday. Finally, Mizuho reduced their target price on shares of Erasca from $28.00 to $26.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.30.

Erasca News Roundup

Here are the key news stories impacting Erasca this week:

• Positive Sentiment: Bank of America raised its price target on Erasca to $18 from $16, signaling improved expectations even though it kept a neutral rating. Bank of America raises Erasca price target
• Positive Sentiment: Investors also reacted to updated preliminary Phase 1 data for ERAS-0015, where Erasca highlighted encouraging monotherapy responses in KRAS G12X pancreatic cancer and said it is planning registration-enabling steps for the program. Erasca Phase 1 data update
• Neutral Sentiment: The company priced an upsized common stock offering at $17.50 per share to raise about $550 million, which strengthens the balance sheet but also adds dilution risk. Erasca public offering pricing
• Negative Sentiment: Multiple law firms continue to advertise a securities class action against Erasca, with a lead-plaintiff deadline of August 10, 2026, keeping litigation overhang in focus. Erasca securities fraud lawsuit notice
• Negative Sentiment: Those lawsuits center on earlier disclosures about ERAS-0015, including patent-infringement concerns and a reported patient death, which may weigh on sentiment despite the biotech pipeline progress. Erasca class action and ERAS-0015 concerns

Hedge Funds Weigh In On Erasca

Several institutional investors have recently bought and sold shares of the stock. Wealthcare Advisory Partners LLC grew its holdings in Erasca by 5.0% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 15,924 shares of the company’s stock valued at $292,000 after buying an additional 756 shares in the last quarter. Neuberger Berman Group LLC raised its holdings in Erasca by 11.3% during the 4th quarter. Neuberger Berman Group LLC now owns 12,358 shares of the company’s stock valued at $46,000 after buying an additional 1,253 shares during the period. Abel Hall LLC lifted its position in Erasca by 8.1% in the first quarter. Abel Hall LLC now owns 16,947 shares of the company’s stock worth $274,000 after buying an additional 1,265 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Erasca by 77.8% in the first quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company’s stock worth $69,000 after buying an additional 1,859 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Erasca by 25.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,787 shares of the company’s stock worth $51,000 after buying an additional 2,820 shares during the period. 67.78% of the stock is owned by hedge funds and other institutional investors.

Erasca Stock Up 8.4%

The company has a market capitalization of $6.04 billion, a PE ratio of -20.87 and a beta of 0.66. The firm’s 50 day simple moving average is $13.80 and its 200 day simple moving average is $12.98.

Erasca (NASDAQ:ERAS) last announced its earnings results on Monday, May 11th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.48). As a group, sell-side analysts predict that Erasca, Inc. will post -0.55 EPS for the current fiscal year.

About Erasca

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.