Erasca price target raised to $5 from $3 at Guggenheim

Guggenheim raised the firm’s price target on Erasca (ERAS) to $5 from $3 and keeps a Buy rating on the shares after the company reported Q3 results and provided a pipeline update. The firm’s raised target reflects recent Phase 1 trial initiations, recent additional validation from peer programs, and likely increasing investor anticipation ahead of the first potential clinical data disclosures from both of the company’s programs in 2025, the analyst noted.