Erasca: Upgrade to Neutral as early RAS data shifts risk reward; PO to $16

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Erasca: Upgrade to Neutral as early RAS data shifts risk reward; PO to $16

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Erasca

Upgrade to Neutral as early RAS data

shifts risk reward; PO to $16

Rating Change: NEUTRAL | PO: 16.00 USD | Price: 13.48 USD

More balanced outlook after demonstration of activity 04 June 2026

We are moving to Neutral (from Underperform), with the debate now shifting from Equity

whether ERAS-0015 works to whether it can matter commercially. Early pan-RAS

activity appears real, KOL feedback has been constructive, and the share move in our

Key Changesview now better reflects known risks. ERAS-4001 adds a second shot on goal 2H26e and

could be an upside driver if a broader therapeutic window is realized. M&A also remains (US$) Previous Current

a possibility, although we note the number of RAS developers is growing (see our Inv. Opinion C-3-9 C-2-9

competitive landscape). Still, we think the company has more to prove as a viable fast- Inv. Rating UNDERPERFORM NEUTRAL

follower, with clinical differentiation (on safety and survival), pivotal path (design and Price Obj. 9.00 16.00

prioritized cancer types), and litigation risk remaining outstanding questions. 2028E Rev (m) 15.7 17.7

2027E EPS -0.66 -0.68

What has changed and why are we upgrading now? 2028E EPS -0.72 -0.75

Recent KOL conversations ( see our KOL investor call and ASCO breakfast) and

discussions with the company (fireside chat here) have improved our outlook on path Alec W. Stranahan

forward. ‘0015 has shown enough activity across NSCLC, PDAC, and CRC to keep Erasca ResearchBofAS Analyst

in the RAS conversation, in our view, with the combined market opportunity allowing for +1 646 743 2109

multiple entrants. CRC combinations and ‘4001 are the key near-term upside drivers, alec.stranahan@bofa.com