In a report released yesterday, Justin Zelin from BTIG reiterated a Buy rating on IDEAYA Biosciences, with a price target of $62.00.
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Justin Zelin has given his Buy rating due to a combination of factors that highlight the promising potential of IDEAYA Biosciences’ pipeline. The company’s R&D Day provided positive updates on several key programs, including darovasertib, IDE849/DLL3 ADC, and IDE397 plus Trodelvy. The darovasertib program showed significant improvements in ocular tumor shrinkage and vision preservation for patients with neoadjuvant uveal melanoma, with a favorable safety profile that supports its ongoing development.
Moreover, the IDE849/DLL3 ADC program demonstrated a competitive efficacy profile in small cell lung cancer, with high response rates and manageable safety concerns, positioning it well against competitors. Additionally, the initial data for IDE397 plus Trodelvy in urothelial cancer showed notable response rates, surpassing real-world benchmarks. These developments, along with a valuation based on a discounted cash flow analysis, underpin Zelin’s confidence in the company’s growth potential and justify the Buy rating.
Zelin covers the Healthcare sector, focusing on stocks such as Verastem, Jasper Therapeutics, and Viking Therapeutics. According to TipRanks, Zelin has an average return of 4.9% and a 34.85% success rate on recommended stocks.
In another report released today, Citizens JMP also maintained a Buy rating on the stock with a $45.00 price target.