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Investing.com - Citizens has reiterated its Market Outperform rating on Ideaya Biosciences (NASDAQ:IDYA) with a price target of $45.00, according to a research note published Monday. The $2.3 billion biotech company has seen its stock surge over 56% in the past six months, with analysts maintaining a strong buy consensus. According to InvestingPro data, analyst targets range from $27 to $74.
The firm remains bullish on the company’s darovasertib plus crizotinib combination therapy for metastatic uveal melanoma (MUM), despite some investor concerns about the overall survival (OS) endpoint in the ongoing Phase 3 trial. With a robust current ratio of 12.39 and more cash than debt on its balance sheet, IDYA appears well-positioned to advance its clinical programs. InvestingPro subscribers can access 8 additional key financial health indicators and a comprehensive Pro Research Report.
Citizens highlighted the combination’s superior objective response rate (ORR) of 23% and disease control rate (DCR) of 86% in second-line plus treatment, and even stronger results in first-line with an ORR of 45% and DCR of 90%, significantly outperforming the ipi+nivo combination’s ORR of 11.5% and DCR of 63%.
The research firm addressed investor concerns about the immunotherapy comparator arm’s potential long survival tail, noting that MUM is a low mutational load tumor type, which limits the efficacy of immunotherapy approaches.
Citizens drew parallels between darovasertib plus crizotinib versus checkpoint inhibitors in uveal melanoma to PARP inhibitors versus checkpoint inhibitors in ovarian cancer, where PARP inhibitors demonstrated significant overall survival benefits.
In other recent news, Ideaya Biosciences has been the subject of several analyst reports following its R&D Day. Analysts have maintained positive outlooks on the company, with Citizens reiterating a Market Outperform rating and a $45 price target, emphasizing potential success for its neoadjuvant uveal melanoma opportunity. UBS also reiterated a Buy rating with a $50 target, highlighting darovasertib as a potentially transformative therapy for uveal melanoma. Mizuho maintained an Outperform rating and a $44 target, expressing positive impressions of Ideaya’s R&D assets, including IDE397 and IDE849. RBC Capital raised its price target to $38 from $36, citing encouraging efficacy signals across Ideaya’s oncology programs. JMP Securities maintained a Market Outperform rating with a $45 target, noting positive data from various clinical studies. These developments underscore the continued interest and confidence in Ideaya’s research and clinical advancements.
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