Erasca Inc. saw its stock price climb sharply on Tuesday, reaching its highest level in more than three years. The surge came as investors responded positively to a significant price target increase from an investment firm.
During intra-day trading, shares of Erasca (NASDAQ:ERAS) rose to $7.56 before settling at $7.51, marking a gain of 20.47 percent for the session.
HC Wainwright raised its price target for the company to $11 from $6, while maintaining a "buy" rating on the stock.
The firm's updated assessment followed Erasca's presentation of preliminary clinical data at the 44th Annual JP Morgan Healthcare Conference on Tuesday. The company reported two confirmed partial responses and one unconfirmed partial response in its clinical study of the pan-RAS molecular glue degrader ERAS-0015.
Additional unconfirmed responses were noted in patients receiving 8 mg doses. The data showed consistent, linear pharmacokinetics across all evaluated dose levels, with no evidence of an exposure plateau observed to date.
Topline results from the study are expected to be released in the first half of 2026.