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IDEAYA Biosciences Gains Buy Rating on Potential Standard-of-Care Melanoma Treatment

BullishMedium impact
IDYA$34.01 −0.74%PFE$29.36 3.49%AMGN$427.36 3.52%

Stifel resumed coverage on IDEAYA Biosciences (NASDAQ:IDYA) with a Buy rating and set a price target of $48, representing roughly 40% upside from its October 13 closing price. The investment firm highlighted the company's experimental combination therapy of darovasertib and crizotinib for first-line metastatic uveal melanoma, noting it has potential to become a primary standard of care.

Crizotinib, marketed by Pfizer Inc. (NYSE:PFE) as Xalkori for lung cancer, is being evaluated alongside darovasertib in collaborative trials with IDEAYA. Approval for the combination therapy is modeled for late Q2 2027, with long-term worldwide revenue projected to reach approximately $1.42 billion by 2035.

Investors should also keep an eye on IDE849, an antibody-drug candidate targeting small cell lung cancer. The asset is scheduled to advance into Phase 3 trials by the end of the year for patients whose disease progressed following treatment with Amgen Inc.'s (NASDAQ:AMGN) Imdelltra. Worldwide sales for IDE849 are projected to reach $643 million by 2035.

Key points

  • Stifel resumed coverage on IDEAYA Biosciences (NASDAQ:IDYA) with a Buy rating and a $48 price target.
  • Analysts model a potential late Q2 2027 approval for the company's combination treatment in metastatic uveal melanoma.
  • IDEAYA is collaborating with Pfizer Inc. (NYSE:PFE) on trials combining darovasertib with Pfizer's Xalkori.
  • The combination therapy is projected to generate around $1.42 billion in global sales by 2035.
  • IDEAYA plans to initiate a Phase 3 trial for its lung cancer drug IDE849 by the end of the year.

Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org

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Questions and answers

What is Stifel's price target for IDEAYA Biosciences?

Stifel set a price target of $48 for IDEAYA Biosciences (NASDAQ:IDYA), representing approximately 40% upside based on the stock's October 13 closing price.

What is IDEAYA Biosciences' key drug combination for eye cancer?

IDEAYA is testing a combination of darovasertib and Pfizer's crizotinib (Xalkori) as a potential standard-of-care treatment for first-line metastatic uveal melanoma.

When could IDEAYA's combination treatment receive approval?

Analysts model a potential approval for the darovasertib and crizotinib combination in late Q2 2027.