Analyst Justin Zelin of BTIG reiterated a Buy rating on IDEAYA Biosciences, retaining the 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’ key drug, darovasertib. The recent clinical trial updates show strong efficacy and safety profiles in both metastatic and primary uveal melanoma settings. In the Phase 2 OptimUM-01 trial, the combination of darovasertib and crizotinib demonstrated impressive overall survival and progression-free survival rates, along with high tumor control and favorable tolerability. These results are crucial as they support the ongoing registrational trials, which could lead to accelerated approval filings.
In the neoadjuvant primary uveal melanoma trial, darovasertib showed significant tumor shrinkage and high rates of eye preservation, which are critical for patients’ quality of life. The drug also reduced radiation exposure and improved visual acuity in a substantial number of patients. These positive outcomes, combined with the drug’s well-tolerated safety profile, reinforce IDEAYA’s leadership in targeted oncology and synthetic lethality. With multiple Phase 3 trials underway and upcoming catalysts, there is a strong potential for continued growth and value in IDEAYA’s stock.
In another report released on October 19, Citi also maintained a Buy rating on the stock with a $64.00 price target.