J.P. Morgan analyst Anupam Rama has maintained their bullish stance on IDYA stock, giving a Buy rating on September 23.
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Anupam Rama’s rating is based on several promising developments related to IDEAYA Biosciences’ lead asset, darovasertib. The company is expected to release significant updates on darovasertib in various treatment settings, which could drive substantial value creation. Specifically, the upcoming data from the phase 2 study of darovasertib combined with crizotinib in metastatic uveal melanoma (MUM) is anticipated to show improvements in overall survival and progression-free survival, potentially exceeding historical benchmarks.
Additionally, IDEAYA’s broader pipeline, including darovasertib’s application in the neoadjuvant setting and other programs like IDE397 and IDE849, offers long-term growth opportunities. The analyst views the stock as undervalued, with a price target of $74 by December 2026, based on a discounted cash flow analysis. This valuation reflects the risk-adjusted revenue potential from darovasertib and other pipeline assets, reinforcing the Buy rating due to the company’s strategic positioning in the precision-oncology space.
Rama covers the Healthcare sector, focusing on stocks such as Sarepta Therapeutics, Replimune Group, and IDEAYA Biosciences. According to TipRanks, Rama has an average return of -2.8% and a 43.09% success rate on recommended stocks.
In another report released on September 23, UBS also reiterated a Buy rating on the stock with a $50.00 price target.