Overview
H.C. Wainwright raised its price target on Erasca Inc (NASDAQ: ERAS) to $15.00 from $11.00 while retaining a Buy rating, citing recent clinical developments in the company's AURORAS-1 study of ERAS-0015. The research note pointed to early signals of tumor regressions and pharmacologic properties that the firm says differentiate the program within the pan-RAS therapeutic space.
Clinical progress reported
According to the update, as of early January 2026 ERAS-0015 - described in the release as a pan-RAS inhibitor and elsewhere in the communication as a molecular glue degrader - has produced confirmed and unconfirmed partial responses across multiple tumor types and across different RAS mutations in the AURORAS-1 trial.
Initial responses were observed at the 8 mg once-daily dose level, with additional responses reported at higher dose cohorts. The company described linear pharmacokinetics and, to date, has not reported dose-limiting toxicities.
H.C. Wainwright said a key opinion leader (KOL) they consulted characterized the appearance of clinical activity at such low doses as atypical for pan-RAS approaches, interpreting the finding as consistent with substantial pathway suppression rather than marginal target engagement.
The research note also referenced preclinical data showing that ERAS-0015 drove tumor regressions in colorectal and pancreatic models that are typically resistant to RAS-directed therapies, and cited that evidence as part of a thesis that the program could attain best-in-class positioning in the pan-RAS landscape.
Financing and balance sheet notes
Separately, Erasca completed a public offering of 25,875,000 shares of common stock, generating approximately $258.8 million in gross proceeds. This followed an earlier announcement of a proposed $150 million offering with an underwriter option to purchase an additional $22.5 million in shares.
The company reported preliminary, unaudited year-end cash and securities of about $341.8 million as of December 31, 2025, with those figures subject to customary financial closing procedures.
Additional analyst commentary
The release also noted a separate target adjustment in which H.C. Wainwright previously raised its price target to $11 from $6 while maintaining a Buy rating, referencing preliminary clinical data presented at a recent conference for ERAS-0015. The firm’s newest $15 target and prior adjustments together formed the basis for its current coverage stance.
Concluding note
The combination of early clinical activity, described pharmacokinetic attributes, and refreshed financing underpinned H.C. Wainwright’s revised valuation and continued Buy recommendation. The company’s clinical updates and the completed equity raise present data points that market participants will weigh alongside the provisional nature of reported results and unaudited financials.