On Thursday, Ideaya Biosciences (NASDAQ:IDYA) saw its price target increased by Mizuho to $55.00, up from $50.00 previously. This comes after the firm maintained an Outperform rating on the stock following the announcement of promising interim Phase 2 data earlier this week.
Ideaya Biosciences released updated interim results from its Phase 2 study of IDE397, the company's second primary asset. IDE397 is currently being evaluated as a monotherapy for the treatment of MTAP-deleted non-small cell lung cancer (NSCLC) and urothelial cancer (UC). The data showed that IDE397 has demonstrated durable efficacy and has a favorable safety and tolerability profile.
As a result of these findings, Mizuho has adjusted its projections for IDE397. The firm increased the probability of success (POS) for the drug and updated the estimated incidence rates of MTAP-deleted NSCLC and UC to align with the company's estimates.
With these updates, Mizuho's projected peak annual risk-unadjusted and adjusted sales for IDE397 have increased to $1.6 billion and $887 million, respectively, up from previous estimates of $1.2 billion and $374 million.
The positive interim data from the Phase 2 trial has led to the raised price target. Ideaya Biosciences remains focused on the development of IDE397 as it advances through clinical evaluation to meet the needs of patients with MTAP-deleted cancers. The updated sales projections reflect Mizuho's growing confidence in the drug's market potential.
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Analysis:
Ideaya Biosciences' stock price target has been raised by Mizuho to $55.00 following the positive interim Phase 2 data for IDE397. The drug has shown promising results in treating MTAP-deleted NSCLC and UC, leading to increased sales projections. This development indicates potential growth for Ideaya Biosciences and highlights the importance of ongoing clinical trials in the biopharmaceutical industry.