Ideaya Biosciences should be bought on weakness, says Citi

Citi recommends buying shares of Ideaya Biosciences on yesterday’s weakness, saying the Phase 2 neoadjuvant uveal melanoma data were in-line with the firm’s expectations for “very substantial efficacy” reflecting a 61% eye preservation rate among subjects meeting the criteria for enucleation. The Phase 3 neoadjuvant design was unveiled and hitting on the primary endpoint of eye preservation is “very likely” given the weight of evidence already generated and given FDA has only asked for 10% as the lower confidence interval bound for eye preservation, “leaving ample cushion,” the analyst tells investors in a research note. Citi keeps a Buy rating on Ideaya with a $58 price target.