New York, Jan 14, 2026, 12:38 PM ET — Regular session
- Erasca shares jumped roughly 10% by midday, following analyst upgrades to price targets after an update on its lead cancer program
- H.C. Wainwright and Clear Street pegged targets at $11; Stifel raised its price target to $10
- The company revealed initial Phase 1 data for ERAS-0015 and set 2026 targets for two RAS projects
Shares of Erasca Inc jumped roughly 10% Wednesday, pushing higher after a string of price-target upgrades fueled by early trial results. The clinical-stage cancer drugmaker’s stock hit $8.29, up 10.5%.
The significance lies in Erasca having no approved products. In early-stage biotech, just a few signs of tumor shrinkage can quickly shift expectations—especially in a high-profile target like RAS, a mutation family that’s been notoriously tough to tackle.
The rally has traders caught off guard. With the next solid data still months off, the stock’s already moving as if clearer numbers were available now.
A recent filing revealed that Erasca updated its corporate presentation and shared early dose-escalation results from its AURORAS-1 Phase 1 study of ERAS-0015. The data included two confirmed partial responses and one unconfirmed partial response at an 8-mg once-daily dose. According to the filing, the company has not encountered dose-limiting toxicities to date. Erasca plans to release initial Phase 1 monotherapy data for ERAS-0015 in the first half of 2026, while early monotherapy insights for its pan-KRAS program ERAS-4001 are expected in the second half.
A partial response is a typical benchmark in oncology trials, indicating a measurable reduction in tumor size. When labeled “confirmed,” it means the shrinkage appeared again on a subsequent scan; if it’s “unconfirmed,” the effect might disappear on follow-up imaging.
CEO Jonathan E. Lim reported the company is seeing initial clinical responses in several patients at just one-tenth the dose that triggered first responses with RMC-6236, a competing pan-RAS program investors often benchmark.
H.C. Wainwright’s Andres Y. Maldonado boosted his price target to $11 from $6 while maintaining a buy rating, a report summary shows.
Stifel’s Laura Prendergast raised her price target to $10 from $6 this week, citing a “scarcity premium” on stocks tied to pan-RAS drug exposure. Investing.com
Clear Street boosted its price target to $11 from $3, maintaining a buy rating. The firm highlighted a clean early safety profile and notable low-dose responses as key factors setting the stock apart.
According to the same corporate deck, Erasca reported holding $362 million in cash, cash equivalents, and marketable securities as of Sept. 30. The company projects this cash runway will last into the second half of 2028—a key detail for investors, especially after significant stock gains in pre-revenue biotechs.
That said, this dose escalation involves only a small group of patients, and early signs might disappear as more participants join or follow-up scans reveal new data. Safety profiles can shift as doses increase, too. Cross-trial comparisons—common in discussions about the “RAS race”—often fall apart because of differing trial designs and patient populations.
Investors are now eyeing the timing and specifics of Erasca’s Phase 1 monotherapy data for ERAS-0015, expected in the first half of 2026. The key question: can the company maintain momentum on its 2026 targets for ERAS-4001 without enrollment delays?
