In a report released today, Charles Zhu from LifeSci Capital maintained a Buy rating on IDEAYA Biosciences, with a price target of $58.00.
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Charles Zhu has given his Buy rating due to a combination of factors that highlight IDEAYA Biosciences’ promising pipeline and clinical advancements. The company’s recent R&D Day showcased significant updates, particularly regarding IDE849, which demonstrated potentially superior efficacy compared to competitors like ZLAB’s ZL-1310. Despite some concerns about hematologic safety signals, the management’s confidence in not requiring prophylactic measures at likely doses adds to the optimism.
Furthermore, IDEAYA’s IDE849 has shown a strong median progression-free survival (mPFS) and impressive objective response rates (ORR), surpassing those of other treatments in similar settings. The promising data from darovasertib in neoadjuvant settings and the synergy observed in IDE397 combined with Trodelvy further support the positive outlook. With a solid cash position and a pipeline that continues to deliver encouraging results, Charles Zhu sees IDEAYA Biosciences as a compelling investment opportunity.
According to TipRanks, Zhu is a 2-star analyst with an average return of 0.5% and a 50.39% success rate. Zhu covers the Healthcare sector, focusing on stocks such as Zymeworks, Nuvalent, and Kura Oncology.
In another report released today, Citizens JMP also maintained a Buy rating on the stock with a $45.00 price target.