Erasca initiated with a Buy at Mizuho

Mizuho analyst Mara Goldstein initiated coverage of Erasca with a Buy rating and $9 price target. The analyst likes the company’s "big pipeline" of targeted drug candidates that can participate in the multi-billion market of precision drugs. The shares have struggled this year as the dilution from the naporafenib deal is being absorbed but the combination of pipeline, addressable markets, data points over the next year, and Erasca’s "long cash runway are compelling," the analyst tells investors in a research note.