On Monday, Stifel maintained a Buy rating on Ideaya Biosciences (NASDAQ:IDYA) and increased the price target to $63 from $55. The firm's decision follows new data presented for darovasertib monotherapy, which showed promising results in eye preservation among patients.
The data, unveiled at the American Society of Clinical Oncology 2024 (ASCO24), highlighted outcomes from the NADOM study. The study, which expanded its patient base from nine to twelve, demonstrated that 75% of the participants achieved eye preservation. Additionally, Ideaya Biosciences revealed early results from the first eight patients in its Phase 2 trial, indicating significant tumor volume reduction that aligns with or surpasses initial study expectations.
The Phase 2 trial update, anticipated in the second half of 2024, is expected to further fuel enthusiasm among stakeholders. Furthermore, the median duration of darovasertib use in the adjuvant setting was reported as 4.6 months, with a range between one to six months. This aspect of the treatment could potentially drive upward revisions in model forecasts.
Stifel's revised outlook incorporates an increased probability of success (PoS) for darovasertib, raising it to 55% from the previous 40%. This adjustment underpins the new price target of $63 per share, reaffirming the firm's confidence in Ideaya Biosciences' stock performance going forward.
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