Analyst Charles Zhu of LifeSci Capital maintained a Buy rating on IDEAYA Biosciences (IDYA – Research Report), retaining the price target of $58.00.
Charles Zhu has given his Buy rating due to a combination of factors that highlight IDEAYA Biosciences’ promising advancements and strategic initiatives. The recent IND clearance for IDE849, a DLL3-targeted Topo1 ADC, marks significant progress as the company prepares to launch a global Phase 1 clinical program. This program is expected to streamline the development process by utilizing data from an ongoing Hengrui trial, potentially saving significant time compared to traditional dose escalation methods.
Additionally, the company’s strategic collaborations and licensing agreements, such as the exclusive worldwide license on Topo1 B7H3xPTK7 bispecific ADC from BioCytogen, further strengthen its pipeline. The robust enrollment in the registrational trial of darovasertib plus crizotinib in HLA-A2-negative mUM, which is ahead of schedule, indicates strong potential for accelerated approval. These factors, combined with a healthy cash position projected to last until 2029, underpin Zhu’s confidence in IDEAYA’s growth prospects.
In another report released on May 6, RBC Capital also maintained a Buy rating on the stock with a $57.00 price target.