As previously reported, BofA downgraded Erasca to Neutral from Buy with a price target of $6, down from $11, to reflect narrowed pipeline focus and remaining uncertainty ahead of clinical readouts for naporafenib over the next 6-12 months. Naporafenib, acquired from Novartis (NVS), has shifted the balance of Erasca’s pipeline to late-stage development, but a lack of meaningful responses from the rest of the pipeline continues to be an overhang, the analyst tells investors.
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