Guggenheim raises Erasca stock price target to $21 on pipeline progress
Guggenheim has raised its price target on Erasca Inc (NASDAQ:ERAS) stock to $21 from $20, maintaining a Buy rating on the shares. The biotech company has reported progress in its RAS inhibitor pipeline, with data from the ongoing Phase 1 AURORAS-1 study of ERAS-0015, a pan-RAS inhibitor, showing promising results. Erasca recently announced plans to prioritize advancing development of ERAS-0015 in non-small cell lung cancer and first-line pancreatic ductal adenocarcinoma toward potential pivotal study initiations starting in 2027.
The company completed a $500 million equity raise in July, and ended the second quarter with $409 million in cash and equivalents. Analysts from H.C. Wainwright and Jefferies have also raised their price targets for Erasca, citing strong trial data and the drug's potential best-in-class pan-RAS profile.
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