Erasca (ERAS) Hits 3-Year High After Analyst Upgrade Surge, Price Target Rises 267%

Erasca Inc. (ERAS) reached a 3-year intraday peak in early trading on January 16, 2026, driven by a significant shift in analyst sentiment. Four equity analysts upgraded their ratings on the company within a single week, signaling renewed confidence in its growth trajectory and operational execution. The collective upgrade event triggered a sharp rally in ERAS shares, which climbed to $34.80 per share—a level not seen since late 2022. The most striking development was the average price target revision, which jumped from $13.50 to $46.90 across the four firms, reflecting a 267% aggregate increase. This marks one of the largest upward revisions in recent memory for a mid-cap biotech entity. Analysts cited advancing clinical trial data, strong near-term revenue visibility, and improved manufacturing scalability as core drivers behind the positive reassessment. The momentum extends beyond Wall Street’s immediate reaction. Institutional investors have begun increasing exposure, with preliminary data indicating a 22% rise in ERAS share purchases over the last two weeks. Retail interest also spiked, with trading volume surging to over 1.8 million shares—nearly double the 30-day average. Market participants are now closely monitoring Erasca’s upcoming Phase 2b trial results, expected in Q3 2026, as a potential catalyst for further upside. With ERAS trading at a premium valuation relative to peers, the sustained rally hinges on continued delivery of clinical and commercial milestones.