ERAS - Erasca spikes as CEO reports stock purchase

2023-03-29 13:31:06 ET

• Cancer-focused biotech Erasca ( NASDAQ: ERAS ) added ~8% on Wednesday, recording the biggest intraday gain since January after its Chief Executive and Chairman Jonathan Lim disclosed the purchase of 100K company shares.
• According to a regulatory filing on Tuesday, Lim, who co-founded the San Diego, California company, has purchased the stock for $2.84 apiece, raising his ownership at ERAS to ~30.2M shares.
• Similarly, in January, Erasca ( ERAS ) shares jumped after Lim disclosed the purchase of 60K company shares for $3.86 per share at the time.
• On Wall Street, Morgan Stanley upgraded the company in February, citing the RAF inhibitor naporafenib, the company licensed from Novartis ( NVS ) in 2022.
• With a Buy rating on Erasca ( ERAS ), Seeking Alpha contributor Alberto Abaterusso argued in February that investors have yet to take note of some of its upcoming catalysts that can propel the stock higher.

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