BofA raised the firm’s price target on Erasca (ERAS) to $9 from $2 and keeps an Underperform rating on the shares. Following “highly-anticipated” data for ERAS0015, the firm thinks ERAS-0015 “looks like a contender” in both PDAC and NSCLC, but “may not be the homerun data some investors were hoping for.” The firm thinks clear differentiation, especially on the efficacy side, may be needed for widespread use given Revolution Medicines’ (RVMD) first mover advantage and potential emerging assets, the analyst added.
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