IDEAYA Biosciences (IDYA – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Jeet Mukherjee from BTIG maintained a Buy rating on the stock and has a $62.00 price target.
Jeet Mukherjee has given his Buy rating due to a combination of factors that highlight IDEAYA Biosciences’ promising prospects. The company recently aligned with the FDA on the pivotal endpoints for their Phase 3 trial of darovasertib in treating neoadjuvant uveal melanoma, which is a significant regulatory milestone. This alignment includes critical endpoints such as eye preservation and vision preservation, which are essential for gaining full approval.
Additionally, IDEAYA Biosciences is poised for several key data releases that could act as catalysts for the stock. These include topline data from a Phase 2/3 trial in metastatic uveal melanoma and updates from other ongoing studies, which could potentially enhance the company’s valuation. The strategic design of the Phase 3 study, with its detailed cohort structure and interim analysis plans, further supports the potential for positive outcomes, making the stock an attractive buy.
In another report released today, Mizuho Securities also maintained a Buy rating on the stock with a $55.00 price target.
IDYA’s price has also changed dramatically for the past six months – from $30.470 to $17.110, which is a -43.85% drop .