Cancer biotech Erasca falls after announcing $500 mln stock offering
BUZZ-Cancer biotech Erasca falls after announcing $500 mln stock offering ** Shares of oncology co Erasca ERAS.O fall 1.9% to $17.56 in extended trading as it seeks equity
** ERAS announces $500 mln stock offering
** Co intends to use net offering proceeds to fund R&D of its product candidates, other development programs and for working capital, among other general purposes
** JP Morgan, Morgan Stanley, Jefferies and Evercore joint bookrunners
** San Diego, California-based ERAS also announces updated Phase 1 data for ERAS-0015 in patients with solid tumors caused by mutations in the RAS gene
** In late Apr, ERAS shares tumbled 48% after co said a patient died in an early-stage trial of ERAS-0015
** Shares closed down 3.4% at $17.90 on Mon, but are up 381% YTD
** 9 of 11 analysts rate the stock "strong buy" or "buy", 2 "hold"; median PT $20, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))