Analyst Charles Zhu of LifeSci Capital maintained a Buy rating on IDEAYA Biosciences, retaining the price target of $62.00.
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Charles Zhu has given his Buy rating due to a combination of factors related to IDEAYA Biosciences’ strategic positioning and potential market opportunities. Despite GSK’s decision to discontinue their collaboration on WRNi and POLQ, IDEAYA remains confident in the potential of these programs, particularly WRN, which has shown promising early data and could become a first- and best-in-class treatment for certain cancers like CRC. This potential, coupled with IDEAYA’s strategic focus on other promising assets such as darovasertib, ADCs, and MT AP, supports a positive outlook.
Furthermore, IDEAYA’s financial health appears robust, with a cash runway extending to 2030 and a controlled cash burn strategy. The company’s ability to manage its resources effectively while exploring new opportunities in the oncology space adds to its investment appeal. Zhu’s rating reflects the belief that IDEAYA’s strategic decisions and emerging data could lead to significant value creation, making it an attractive investment opportunity.
In another report released on December 2, Citi also maintained a Buy rating on the stock with a $90.00 price target.