Goldman Sachs analyst Chris Shibutani initiated coverage of Erasca with a Buy rating and $10 price target, implying 180% upside from current share levels. The analyst sees opportunities for a re-rating of Erasca shares as the company puts naporafenib’s "best foot forward" in NRASmut melanoma with a potentially optimal ERKi combination strategy for BRAFmut Class II/III. The stock’s downward pressure since the July 2021 initial public offering has been driven by a range of both macro and micro factors, and the anticipated unfolding of clinical updates over the coming 12-18 months provides potential catalysts, says the firm.
Published first on TheFly
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