Erasca price target raised to $20 from $12 at Guggenheim

Guggenheim analyst Michael Schmidt raised the firm’s price target on Erasca (ERAS) to $20 from $12 and keeps a Buy rating on the shares. The firm views the potential $29B U.S. RASm total addressable market as large enough to accommodate multiple, commercially successful pan-RAS inhibitors and has “strong conviction” that ERAS-0015 emerges with a clinical profile that is “at least comparable to, and in a bull-case, differentiated from daraxonrasib,” the analyst tells investors.