Charles Zhu, an analyst from LifeSci Capital, maintained the Buy rating on IDEAYA Biosciences. The associated price target remains the same with $62.00.
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Charles Zhu has given his Buy rating due to a combination of factors that highlight IDEAYA Biosciences’ promising future prospects. The company recently announced the submission of an Investigational New Drug (IND) application for IDE574, which is a potential first-in-class dual KAT6/7 inhibitor. This innovative approach is expected to enhance efficacy in treating HR+ breast and lung cancers, with clinical trials set to begin in the first quarter of 2026.
Furthermore, the company has demonstrated strong preclinical data, suggesting that their dual KAT6/7 inhibition strategy could overcome resistance issues seen with KAT6 inhibition alone. IDEAYA’s strategic focus on developing potent and selective inhibitors, along with their solid financial position, with approximately 4.2 years of cash runway, supports the potential for significant advancements in their pipeline. These factors collectively underpin Zhu’s optimistic outlook and Buy rating for IDEAYA Biosciences.
In another report released on December 8, Mizuho Securities also maintained a Buy rating on the stock with a $46.00 price target.