Erasca shares surge 11.05% after-hours as analysts set $4.00 consensus target price.

Erasca, Inc. (NASDAQ:ERAS) surged 11.05% in after-hours trading following reports that analysts set a $4.00 consensus target price for the stock, signaling optimism about its prospects. This update, cited as the most recent news event, aligns with prior positive developments, including the FDA’s orphan drug designation for its brain cancer drug ERAS-801 in June and Mizuho Securities’ repeated "Buy" ratings since May. Additionally, the company’s clinical trial advancements, such as initiating the SEACRAFT-1 trial for RAS Q61X solid tumors in August and presenting data at major conferences like ASCO and AACR, have reinforced investor confidence. However, the immediate catalyst appears to be the updated analyst consensus, which reflects a 30.95% increase from a previous lower target in July, directly correlating with the post-market rally.