Erasca price target raised to $12 from $5 at Guggenheim

Guggenheim raised the firm’s price target on Erasca (ERAS) to $12 from $5 and keeps a Buy rating on the shares after updating the firm’s model to reflecting recent updates on ERAS-0015 and ERAS-4001, as well as the recently announced financing. The firm now incorporates 30% odds of success adjusted revenue estimates for ERAS-0015 in second-line and later NSCLC and PDAC and estimates a 2030 commercial launch, the analyst noted.