IDEAYA Biosciences, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Yigal Nochomovitz from Citi maintained a Buy rating on the stock and has a $64.00 price target.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Yigal Nochomovitz has given his Buy rating due to a combination of factors related to IDEAYA Biosciences’ promising clinical trial results. The recent Phase 1/2 trial data for their treatment in metastatic uveal melanoma (MUM) showed a median overall survival (mOS) of 21.1 months, which is notably higher than the historical standard of care and comparable to other leading treatments. This data suggests a strong potential for success in the ongoing Phase 3 trial.
Furthermore, the mechanism of action for IDEAYA’s treatment is not limited by HLA status, allowing for a broader patient enrollment compared to competitors. The analyst anticipates that the Phase 3 trial will deliver favorable progression-free survival results by the end of 2025, reinforcing the positive outlook. With an expected share price return of 118.7%, Nochomovitz sees significant upside potential, justifying the Buy rating.
In another report released on October 17, LifeSci Capital also maintained a Buy rating on the stock with a $58.00 price target.