On Thursday, Ideaya Biosciences (NASDAQ:IDYA) shares saw its price target increased by Mizuho from the previous $50.00 to $55.00. The firm maintained an Outperform rating on the stock following the announcement of promising interim Phase 2 data earlier this week.
Ideaya Biosciences reported 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 revealed that IDE397 has shown signs of durable efficacy and possesses a favorable safety and tolerability profile.
Based on 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 more closely match the company's estimates.
Consequently, Mizuho's projected peak annual risk-unadjusted and adjusted sales for IDE397 have risen to $1.6 billion and $887 million, respectively, compared to the previous estimates of $1.2 billion and $374 million.
The positive interim data from the Phase 2 trial has provided a basis for the raised price target. Ideaya Biosciences continues to focus on the development of IDE397 as it progresses through clinical evaluation, aiming to address the needs of patients with MTAP-deleted cancers. The updated sales projections reflect Mizuho's increased confidence in the drug's market potential.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.