Stifel raised the firm’s price target on Erasca (ERAS) to $6 from $4 and keeps a Buy rating on the shares. The firm notes the company announced issuance of composition of matter patent for lead pan-RAS program ERAS-0015. Stifel views this as a significant de-risking event. The firm notes that no large pharma company, to its knowledge, has brought forward a pan-RAS molecular glue even in the wake of Revolution Medicines’ (RVMD) pan-RAS dominance.
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