Erasca initiated with a Buy at Jefferies

Jefferies initiated coverage of Erasca (ERAS) with a Buy rating and $6 price target. The firm sees appeal in the company’s valuation, citing the company’s early but potentially best-in-class pan-RAS and pan-KRAS-targeted programs. The analyst sees a “massive market opportunity and de-risked mechanism of action, based on data from Revolution Medicines’ (RVMD) RMC-6236. Erasca’s preclinical data look promising and are on-par or better than RMC-6236, the analyst tells investors in a research note.