Analyst Charles Zhu from LifeSci Capital maintained a Buy rating on IDEAYA Biosciences and keeping the price target at $58.00.
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Charles Zhu has given his Buy rating due to a combination of factors that highlight IDEAYA Biosciences’ promising clinical data and competitive positioning in the market. The company’s IDE849 has demonstrated impressive efficacy with a 71.4% overall response rate in second-line patients and a 72.2% response rate in patients with baseline brain metastases when treated at doses of 2.4 mg/kg or higher. These figures suggest a strong therapeutic potential, especially when compared to competitor data.
Additionally, the safety profile of IDE849 appears competitive, with a lower incidence of severe side effects at the 2.4 mg/kg dose compared to higher doses. Furthermore, IDEAYA’s financial position is solid, with approximately 4.5 years of cash runway, which supports continued development and potential market expansion. These factors collectively underpin Zhu’s confidence in the company’s growth prospects, leading to the Buy rating.
In another report released yesterday, J.P. Morgan also maintained a Buy rating on the stock with a $79.00 price target.