Erasca Inc (ERAS) PT Raised to $21 at Guggenheim

Guggenheim analyst Michael Schmidt raised the price target on Erasca Inc (NASDAQ: ERAS) to $21.00 (from $20.00) while maintaining a Buy rating.

The analyst commented: "ERAS reported 2Q 2026 results and provided a pipeline update aligned with recent disclosures. Recall, the company released updated incrementally positive data from the ongoing Phase 1 AURORAS-1 study of ERAS-0015 (pan-RAS inhibitor) as monotherapy and in combination with panitumumab (anti-EGFR) (see note here), following a more comprehensive data readout in April (see note here). At the July presentation, management announced plans to prioritize advancing development of ERAS-0015 in NSCLC and 1L PDAC toward potential pivotal study initiations starting in 2027. Other milestones in 2Q included announcement of a Phase 1 clinical collaboration with MRK to evaluate an ERAS-0015 + pembrolizumab combination in RASm solid tumors, to be run by ERAS, as well as a $500M equity raise this July. Next up, we anticipate first clinical data from ERAS's other program, ERAS-4001 (pan-KRAS inhibitor), in solid tumors in 2H26. On financials, ERAS ended 2Q with $409M in cash and equivalents, including with a strengthened balance sheet from the raise. We are updating our model to reflect 2Q results. PT to $21 from $20."

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