Surge in U.S. Cancer Stocks: Call Options Skyrocket, 850 Billion Won Added in a Day

ERASCA Inc. (NASDAQ: ERAS) closed at $17.85 on April 14, up 9.44% on the Nasdaq. Trading volume surged to around 3.99 million shares, pushing its market capitalization to about $5.5 billion (approximately KRW 8 trillion)—a one-day increase of roughly $580 million (about KRW 850 billion).

On the same day, 5,437 ERASCA call option contracts changed hands, a jump of roughly 173% compared with the recent average. Wall Street analysts have set price targets between $16 and $20, resulting in a generally bullish consensus. In January, ERASCA raised approximately $258.8 million through a public offering of common stock, securing net proceeds of about $242.7 million. The company said it plans to use the funds to expand its clinical pipeline and extend its cash runway into the first half of 2029.

Founded in 2018 and based in San Diego, ERASCA is a clinical-stage precision oncology company developing oral targeted therapies for hard-to-treat solid tumors involving the RAS-MAPK signaling pathway. Its key pipeline candidates include ERAS-4001, a pan-KRAS inhibitor; ERAS-0015, a pan-RAS molecular glue; and naporafenib, a pan-RAF inhibitor targeting NRAS-mutant melanoma. Several candidates have already received FDA clearance for clinical trial applications and are in early-stage testing.