Cancer biotech Erasca rallies after upsized $550 mln share sale, analyst PT hikes

** Piper Sandler boosted its PT by $4 to $22 on increased conviction for ERAS-0015 in treating pancreatic ductal adenocarcinoma, the most common and aggressive form of pancreatic cancer

** While the update is early, Piper said in note, efficacy for ERAS-0015 is trending higher than what was seen with Revolution Medicines' RVMD.O drug, daraxonrasib

** BofA Global Research raised its PT on ERAS by $2 to $18

** On Apr 28, ERAS shares tumbled 48% after co said a patient died in an early-stage trial of ERAS-0015

** ERAS intends to use net offering proceeds to fund R&D of its product candidates, and other programs

** JP Morgan, Morgan Stanley, Jefferies and Evercore joint bookrunners

** ERAS stock now up more than fivefold YTD for roughly $6 bln market cap

** 9 of 11 analysts rate the stock "strong buy" or "buy", 2 "hold"; median PT $20.50, per LSEG data

** Precision oncology co Erasca's ERAS.O shares reverse small premarket losses and last up 8% at $19.32 early Tues after above-target $550 mln equity raise

** San Diego, California-based biotech late Mon sold ~31.4 mln shares at $17.50, a 2.2% discount to last sale

** Co after the bell Mon unveiled $500 mln stock offering and announced updated Phase 1 data for ERAS-0015 in patients with solid tumors caused by mutations in the RAS gene