Ideaya Biosciences Stock Not Fully Reflecting Phase 2/3 Data From Metastatic Uveal Melanoma Study, RBC Says

MT Newswires Live
04/14

Ideaya Biosciences (IDYA) stock is not fully reflecting the strength of the data from the company's phase 2/3 trial evaluating darovasertib combined with crizotinib for metastatic uveal melanoma, RBC Capital Markets said in a note Monday.

Analysts said they are "positive" on the meaningfulness of the data, the regulatory strategy for the new drug application in H2 of this year, and Ideaya's commercial positioning ahead of a 2027 launch.

RBC said that the key opinion leaders invited to a call with the company were excited about the drug's ability to offer patients a high response rate and significant progression-free survival.

Analysts said that the next key catalysts for the program include overall survival data and neo-adjuvant readouts, potentially in 2027.The ultimate overall survival readout is also likely to come in positive, they said.

RBC has an outperform rating on the stock. It increased the price target to $53 from $49.

Price: 31.24, Change: -1.58, Percent Change: -4.81

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