Citi analyst Yigal Nochomovitz has maintained their bullish stance on IDYA stock, giving a Buy rating today.
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
Yigal Nochomovitz has given his Buy rating due to a combination of factors, primarily focusing on the promising outlook for IDEAYA Biosciences. The company is on a 90-day upside Catalyst Watch, which suggests a favorable scenario ahead of the anticipated top-line data from the Phase 2/3 OptimUM-02 trial. This trial involves a combination treatment for HLA*A2-negative metastatic uveal melanoma, with expectations of positive outcomes based on earlier Phase 1/2 data.
Nochomovitz anticipates a median progression-free survival (mPFS) of 7-8 months for the treatment group, significantly outperforming the control group’s 2-3 months. The management’s confidence in the data is reflected in their inclusion of an 8-month mPFS in their expectations, indicating strong Phase 1/2 results. The potential for positive progression-free survival and overall survival commentary could lead to a substantial stock price increase, with a high probability of success estimated at 80%.
In another report released today, Guggenheim also reiterated a Buy rating on the stock with a $50.00 price target.