Leerink Partners analyst Christopher Liu has maintained their bullish stance on IDYA stock, giving a Buy rating on December 5.
Geoff Meacham has given his Buy rating due to a combination of factors including positive clinical data and strategic partnerships. IDEAYA Biosciences’ recent R&D Day showcased early clinical data for their PARG inhibitor, IDE161, demonstrating antitumor activity, which is a promising indicator of the drug’s potential efficacy. Additionally, the company announced a significant partnership with Gilead Sciences for a combination treatment involving IDEAYA’s IDE397 in MTAP-null urothelial carcinoma. This collaborative effort highlights the company’s proactive approach to addressing this challenging cancer subtype.
The rationale behind the combination therapy with Gilead’s Trodelvy is particularly compelling due to the enhanced response rate observed in MTAP-null patients. This subgroup of patients has not seen significant survival benefits from current treatments, and the synergy between Trodelvy and IDEAYA’s IDE397 could potentially establish a new standard of care if clinical trials are successful. Meacham’s optimism is also supported by IDE161’s safety and tolerability profile, which further justifies the Buy rating for IDEAYA Biosciences, as the company continues to make significant strides in its oncology pipeline.
In another report released on December 5, Citi also reiterated a Buy rating on the stock with a $40.00 price target.
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IDEAYA Biosciences (IDYA) Company Description:
IDEAYA Biosciences, Inc. develops cancer therapeutics. It is an oncology-focused precision medicine company committed to the discovery and development of targeted therapeutics for patient populations selected using molecular diagnostics. The company operates and manages its business as one operating and reportable segment, which is the business of research and development for oncology-focused precision medicine. The company was founded by Yujiro S. Hata and Jeffrey Hager in June 2015 and is headquartered in South San Francisco, CA.
Read More on IDYA:
- Ideaya Biosciences to hold a virtual meeting
- Ideaya Biosciences enters clinical study pact, supply agreement with Gilead
- Ideaya Biosciences price target raised to $41 from $35 at JPMorgan
- Ideaya Biosciences price target lowered to $44 from $48 at Guggenheim
- Ideaya Biosciences price target raised to $40 from $35 at Oppenheimer
