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Investing.com - RBC Capital has raised its price target on Ideaya Biosciences (NASDAQ:IDYA) to $38.00 from $36.00 while maintaining an Outperform rating following the company’s R&D Day presentation.
The firm highlighted encouraging efficacy signals across Ideaya’s oncology programs, particularly noting three key clinical programs that showed promise. RBC analysts attended the R&D Day in person where management presented updates on both clinical and preclinical portfolios.
RBC expressed particular interest in Ideaya’s DLL3 program, which it considers a potential best-in-class treatment despite some questions regarding tolerability. The firm also noted positive early data for the daro program in the neo-adjuvant setting, where vision preservation results generated enthusiasm among key opinion leaders.
The MAT2A inhibitor ’397 was identified as showing "real synergy" with Trodelvy in urothelial carcinoma, representing another promising development in the company’s pipeline.
RBC believes upcoming catalysts, including the registrational PFS update for daro/cris in metastatic uveal melanoma, are likely to be positive and drive share appreciation, supporting its view of significant long-term upside potential across Ideaya’s pipeline. The broader analyst consensus remains strongly bullish, with price targets ranging from $27 to $74. For deeper insights into Ideaya’s financial health and growth prospects, including 8 additional ProTips, check out the comprehensive research report available on InvestingPro.
In other recent news, Ideaya Biosciences announced promising results from various clinical trials. The company reported an overall response rate of 57% in its Phase 1/2 trial combining IDE397 with Gilead’s Trodelvy for treating MTAP-deletion urothelial cancer. Additionally, Ideaya shared positive interim data from its Phase 2 OptimUM-09 trial of darovasertib in primary uveal melanoma, where 76% of patients achieved significant ocular tumor shrinkage. In the realm of lung cancer treatment, Ideaya’s early-stage trial of IDE849, developed with Hengrui Pharma, showed an 80% overall response rate for small cell lung cancer.
Analysts at JMP Securities and Citizens JMP have both maintained a Market Outperform rating for Ideaya, with Citizens JMP raising its price target to $45.00. This increase follows strong clinical data for Ideaya’s DLL3-ADC drug candidate, which surpassed expectations. Despite these positive updates, Ideaya’s stock experienced a decline after its R&D Day presentation. The company continues to present encouraging data from multiple clinical programs, maintaining interest among investors and analysts alike.
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