Chris Shibutani, an analyst from Goldman Sachs, maintained the Buy rating on Erasca (ERAS – Research Report). The associated price target is $6.00.
Chris Shibutani has given his Buy rating due to a combination of factors. Shibutani, in his analysis, highlights the robust financial standing of Erasca, with a cash reserve of $344 million, and an operational runway projected into the second half of 2025. He emphasizes the company’s adherence to developmental timelines, which he believes, offer ample opportunity for valuable milestones. Additionally, Shibutani sees the recent stock performance as influenced more by macroeconomic factors rather than the company’s fundamentals, positioning Erasca favorably for future growth.
Looking forward, Shibutani anticipates a series of clinical results over the next year that could strengthen investor confidence in Erasca’s pipeline. He mentions the potential of near-term events occurring before the end of 2023. Furthermore, he highlights the ongoing studies, such as the HERKULES-3 and THUNDERBBOLT-1, and the potential for additional data from these studies to arrive by 2023 or early 2024. Looking into 2024, he also anticipates further clinical catalysts, including initial data from the SEACRAFT-1 study and the anticipated initiation of the pivotal Phase 3 SEACRAFT-2 study. Shibutani’s model primarily adjusts for operating expenses, maintaining the 12-month price target of $6.
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Erasca (ERAS) Company Description:
Erasca Inc is a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company’s pipeline includes two clinical-stage programs (ERK and SHP2 inhibitors), two preclinical-stage programs (CNS-penetrant KRAS G12C and EGFR inhibitors), and seven discovery-stage programs targeting other key oncogenic drivers.
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