Stifel upgraded Ideaya Biosciences to Buy from Hold with a price target of $24, up from $18. The additional darovasertib data in uveal melanoma revealed an improved progression free survival in first-line metastatic patients, the analyst tells investors in a research note. The firm thinks there is precedence for strong pricing power in this setting, saying each additional month of use is likely to have a material impact to sales perceptions. It thinks Ideaya’s uveal melanoma program represents a $389M market opportunity in the U.S. alone, if fully de-risked. Stifel cites a more bullish commercial outlook for darovasertib for the upgrade.
Published first on TheFly
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