TD Cowen analyst Tyler Van Buren has maintained their bullish stance on IDYA stock, giving a Buy rating on November 2.
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Tyler Van Buren has given his Buy rating due to a combination of factors that highlight IDEAYA Biosciences’ promising clinical developments and strategic potential. The company has reported impressive clinical updates, including strong data from their lead program involving the combination of darovasertib (daro) and crizotinib (criz) in first-line metastatic uveal melanoma (1L mUM), which shows competitive results compared to existing treatments like Kimmtrak. The Phase III trial for this combination is significantly derisked due to the positive Phase II results, which demonstrated a median progression-free survival (mPFS) of 7 months, surpassing the control arm’s expected mPFS of 2-3 months.
Moreover, IDEAYA’s strategic plans include reporting pivotal mPFS data by early 2026, with potential for accelerated approval, and a pipeline filled with catalysts across nine programs. The company’s efforts in expanding the market potential for darovasertib, especially in neoadjuvant uveal melanoma, further enhance its growth prospects. These factors collectively contribute to the Buy rating, indicating confidence in IDEAYA’s ability to achieve significant milestones and deliver value to investors.
Van Buren covers the Healthcare sector, focusing on stocks such as Gilead Sciences, Soleno Therapeutics, and IDEAYA Biosciences. According to TipRanks, Van Buren has an average return of 8.2% and a 50.52% success rate on recommended stocks.
In another report released on November 2, LifeSci Capital also maintained a Buy rating on the stock with a $62.00 price target.