IDEAYA Biosciences, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Justin Zelin from BTIG reiterated a Buy rating on the stock and has a $62.00 price target.
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Justin Zelin has given his Buy rating due to a combination of factors that highlight the potential for long-term growth in IDEAYA Biosciences. The company has shown significant progress across its key programs, particularly with darovasertib, MAT2A, and DLL3. The anticipated data from the phase 2/3 OptimUM-02 trial, expected by the end of 2025 or early 2026, could serve as a major catalyst for the stock, especially if the results align with previous positive outcomes.
Additionally, IDEAYA’s strong financial position, with $1.14 billion in cash and a runway extending into 2030, supports its ability to continue advancing its pipeline. The ongoing maturation of additional programs targeting various cancer-related pathways further enhances the company’s growth prospects. The positive results from recent trials, such as the impressive tumor shrinkage in the neoadjuvant darovasertib study, bolster confidence in the company’s strategic direction and potential for future success.
In another report released yesterday, Barclays also maintained a Buy rating on the stock with a $40.00 price target.