BTIG Reiterates Buy Rating on Ideaya Biosciences (IDYA)

BTIG analyst Justin Zelin reiterated a Buy rating and $62.00 price target on Ideaya Biosciences (NASDAQ: IDYA).

The analyst comments ": IDYA reported updated data from the co-sponsored trial of darovasertib in neoadjuvant uveal melanoma (UM) and provided details on Ph 3 strategy in this setting. Big picture, darovasertib looks to be a transformational agent in the neoadjuvant setting, showing preservation of pts' eyes up to 61%, with the KOL on the investor call speaking to its universal adoption upon approval. We think the muted stock reaction today is due to confusion around timelines to approval and lack of a formal go-ahead for accelerated approval from the FDA. We believe the agreed upon Ph 3 plan is in fact favorable, granting a shot at full approval in the 2028 timeframe vs. mid-to-late 2027 using ORR as a primary ep under accelerated approval. We think questions remaining for investors will focus around event rates for both study arms going forward, but we see today's data speaking to darovasertib's strong efficacy profile and ability to hit stat sig in the Ph 3 study. We reiterate our Buy rating and $62 PT."

For an analyst ratings summary and ratings history on Ideaya Biosciences click here. For more ratings news on Ideaya Biosciences click here.

Shares of Ideaya Biosciences closed at $35.00 yesterday.

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