IDEAYA Biosciences (IDYA – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Justin Zelin from BTIG reiterated a Buy rating on the stock and has a $62.00 price target.
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Justin Zelin’s rating is based on a combination of factors that highlight IDEAYA Biosciences’ strategic advancements and promising clinical developments. The company is making significant progress in its pipeline, particularly with darovasertib, which is expected to have multiple key readouts in 2025. This includes updates from the Phase 2 neoadjuvant study and the registrational trial in first-line HLA-A2 negative metastatic uveal melanoma, which could be pivotal for the company.
Additionally, IDEAYA’s collaboration with Gilead on IDE397, targeting MTAP deleted non-small cell lung cancer and bladder cancer, further strengthens its portfolio. The company also plans to advance its IDE849 program in small cell lung cancer, with clinical updates anticipated this year. These strategic initiatives, along with a solid valuation approach, support the Buy rating and a price target of $62, suggesting considerable potential upside for investors.
In another report released yesterday, RBC Capital also maintained a Buy rating on the stock with a $57.00 price target.
IDYA’s price has also changed dramatically for the past six months – from $38.180 to $20.760, which is a -45.63% drop .