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Investing.com - Barclays initiated coverage on Ideaya Biosciences (NASDAQ:IDYA) with an Overweight rating and a $40.00 price target on Thursday. The company, currently trading at $25.76, has shown strong momentum with a 37% gain over the past six months. According to InvestingPro data, analysts are highly bullish on the stock, with price targets ranging from $25 to $74.
The research firm highlighted the upcoming Phase 1 data expected in the third quarter of 2025 for IDE849, a DLL3 antibody-drug conjugate (ADC) targeting small cell lung cancer (SCLC).
Barclays noted that while previous DLL3 programs failed, recent validation from competitors like Amgen and Zai Lab, along with early signals from IDE849, suggest an improved probability of success for Ideaya’s approach.
The firm established clear benchmarks for success, including an objective response rate above 50%, median progression-free survival exceeding 6 months, and a discontinuation rate below 10%.
Based on analysis of Zai Lab’s durability data, Barclays projects probability-adjusted peak sales of approximately $600 million by 2035 for Ideaya’s DLL3 program in SCLC, representing $9 of their $40 price target.
In other recent news, Ideaya Biosciences has been in the spotlight with several key developments. The company announced a $210 million exclusive licensing agreement with Servier for its eye cancer treatment, darovasertib. Under this deal, Servier gains regulatory and commercial rights outside the United States, while Ideaya retains U.S. rights and could earn up to an additional $320 million in milestone payments. Additionally, Ideaya submitted an investigational new drug application to the U.S. FDA for IDE892, targeting MTAP-deleted cancers, with plans for a Phase 1 trial in late 2025. On the analyst front, Citizens JMP initiated coverage of Ideaya with a Market Outperform rating, setting a price target of $41. Meanwhile, JPMorgan raised its price target to $74, maintaining an Overweight rating, citing de-risking of darovasertib. The company also announced the agenda for its upcoming R&D Day, featuring presentations on several oncology programs. These recent updates highlight Ideaya’s ongoing strategic and clinical advancements.
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