Erasca

ERAS · NASDAQ

$14.62+$1.00 (+7.34%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $13.62

ERAS analyst rating

BuyConsensus of 12 analysts over the last 12 months. 83% rate it a buy.

Strong buy0
Buy10
Hold2
Underperform0
Sell0

12-month price target · 12 analysts

Average $23.12 (+58.1% upside)

Low: $20.20
Now: $14.62
High: $31.50

Upgrades and downgrades

The latest rating actions, newest first

ERAS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
B of A Securities	Aug 14, 2026	Maintains	Neutral	$18.00 → $20.00	36%
Guggenheim	Aug 13, 2026	Maintains	Buy	$20.00 → $21.00	33%
HC Wainwright & Co.	Aug 12, 2026	Maintains	Buy	$18.00 → $22.00	41%
Morgan Stanley	Jul 20, 2026	Maintains	Equal-Weight	$12.00 → $21.00	47%
B of A Securities	Jul 14, 2026	Maintains	Neutral	$16.00 → $18.00	36%
B of A Securities	Jun 4, 2026	Upgrade	Underperform → Neutral	$9.00 → $16.00	36%
Mizuho	May 12, 2026	Maintains	Outperform	$28.00 → $26.00	54%
Stifel	Apr 27, 2026	Maintains	Buy	$20.00 → $30.00	39%
JP Morgan	Mar 18, 2026	Maintains	Overweight	$24.00 → $25.00	48%
Guggenheim	Mar 16, 2026	Maintains	Buy	$12.00 → $20.00	62%

The case for and against

Updated Oct 16, 2026

Bull case

Erasca is viewed favorably because its RAS/MAPK-focused strategy is yielding incremental clinical progress, with updated Phase 1 AURORAS-1 data for ERAS-0015 supporting advancement in NSCLC and 1L PDAC toward potential pivotal study initiations starting in 2027. The outlook is further strengthened by the upcoming first clinical data from ERAS-4001 in 2H26, plus the Phase 1 collaboration with MRK on an ERAS-0015 and pembrolizumab combination, which broadens optionality across RASm solid tumors. Financially, the company ended 2Q26 with $384.3M in cash, cash equivalents, and marketable securities before a $632.5M gross public offering in July 2026, helping fund planned milestones despite a $44.1M net loss and rising operating expenses.

Bear case

Erasca is a high-risk clinical-stage oncology company whose value depends on unproven R&D, regulatory, and commercial execution across ERAS-0015 and ERAS-4001, both of which still face clinical development and manufacturing uncertainty. Its focused pipeline in RAS/MAPK-driven cancers also leaves it exposed to competition, lower-than-expected product sales, IP challenges, management missteps, and M&A errors that could impair long-term commercialization. Even the valuation framework relies on discounted FY36 EPS of $5.92 and an NPV of $17.4/share, underscoring how much of the thesis is tied to distant, fragile assumptions rather than current operating strength.

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