Erasca initiated with an Overweight at Piper Sandler

Piper Sandler initiated coverage of Erasca (ERAS) with an Overweight rating and $5 price target. The company is is advancing a “potentially differentiated” RAS-targeted pipeline including a pan-RAS molecular glue, and a pan- KRAS inhibitor, the analyst tells investors in a research note. The firm says preclinical data suggests the potential for superior RAS inhibition and anti-tumor activity virus Revolution Medicines (RVMD)’ daraxonrasib.