ERAS
When the rally gets absurd, the buying gets interesting
Erasca is already having one of those stock-chart stories that looks like it was drawn by a caffeinated intern — up 715%, no less. And yet, Cormorant Asset Management decided the party still wasn’t over and bought 5.8 million shares in the first quarter.
The size of the bet says plenty
Based on quarterly average pricing, that stake was worth an estimated $68.55 million. That’s not a casual "let me grab a few shares and see what happens" kind of move. It’s a full-on conviction trade, the sort of thing that makes you wonder what the fund sees under the hood that the rest of the market may still be missing.
- Cormorant added a massive chunk of ERAS stock in Q1
- The trade was valued at roughly $68.6 million
- The buy came even after the stock had already ripped higher
Why investors should care
When a biotech stock has already gone vertical, fresh institutional buying can matter more than the headline price move itself. It can hint that smart money still thinks the pipeline, data, or optionality is underappreciated — or at least that the risk/reward still looks juicy enough to take a swing.
Big picture: stocks don’t usually go up 715% without attracting some believers. The real question is whether Cormorant is early, or just the last person dancing when the music’s already blaring.