Guggenheim analyst Michael Schmidt lowered the firm’s price target on Erasca (ERAS) to $3 from $3.50 and keeps a Buy rating on the shares after the company reported Q1 results and provided pipeline updates following a strategic announcement. The firm is updating its model to reflect Q1 results, removing naporafenib estimates from with potential partnership reflecting a source of potential upside to its estimates, and adding probability of success adjusted assumptions for ERAS-0015 and ERAS-4001, the analyst tells investors.
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