Erasca rises as Mizuho initates with 'buy' rating
30/03/2023 17:07
** Shares of cancer drug developer Erasca Inc ERAS.O rise
4.1% to $3.08
** Brokerage Mizuho Securities initiates coverage on co with
"buy" rating and PT of $9
** Says co has a big pipeline of targeted drug candidates;
potential best-in-class approach to targeting the multi-billion
dollar addressable market
** Combination of pipeline, addressable markets, data points
over the next year, and long cash runway are compelling
-brokerage
** ERAS's deal to add Novartis's NOVN.S naporafenib to the
pipeline is a "jump start" - Mizuho
** Co has a balance sheet with cash, cash equivalents, and
marketable securities of $436 mln as of Dec 31, 2022, to fund
operations into H2 2025
** ERAS is currently anticipating data in 2023 and 2024 for
its different pipeline candidates in early and mid-stage trials
for different types of cancers
** Despite session's gains, stock down ~27% YTD
(Reporting by Sriparna Roy)
((Sriparna.Roy@thomsonreuters.com;))