Stifel spoke with Erasca (ERAS) management this morning after the company disclosed that it received a letter from legal counsel for Revolution Medicines (RVMD) alleging that ERAS-0015 infringes certain Revolution patents. Erasca management is “incredibly confident in its IP” and believes the assertions in the letter are “without merit,” reports the analyst, who adds that the company plans to contest the allegations “vigorously.” Stifel has a Buy rating and $20 price target on Erasca shares.
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