TD Cowen analyst Tyler Van Buren has maintained their bullish stance on IDYA stock, giving a Buy rating on July 29.
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Tyler Van Buren has given his Buy rating due to a combination of factors that highlight IDEAYA Biosciences’ promising future prospects. The company is set to release several value-creating catalysts by the end of the year, which are expected to surprise investors positively. Key among these is the anticipated data from the DLL3 ADC at the World Conference on Lung Cancer and the R&D day presentations, which include neoadjuvant vision and MAT2A + Trodelvy bladder data. Additionally, the Phase II median overall survival (mOS) and pivotal median progression-free survival (mPFS) readouts are expected to be positive, supporting further development.
IDEAYA’s late-stage program, combining darovasertib (PKC inhibitor) and crizotinib (cMET inhibitor), is particularly noteworthy. The Phase III trial for metastatic uveal melanoma (mUM) patients is expected to yield pivotal data by year-end, with previous Phase II results showing a median progression-free survival significantly exceeding the control arm. The company has reported strong response rates in treatment-naïve patients, and additional data from the Phase II trial is anticipated at a medical conference in the fourth quarter. The potential for darovasertib in neoadjuvant uveal melanoma could also significantly expand its market potential, with further datasets expected in the second half of the year.
Van Buren covers the Healthcare sector, focusing on stocks such as Regeneron, Moderna, and Gilead Sciences. According to TipRanks, Van Buren has an average return of -1.5% and a 43.15% success rate on recommended stocks.
In another report released on July 29, Mizuho Securities also maintained a Buy rating on the stock with a $43.00 price target.