IDYA - Ideaya Biosciences: A Strong Bet In Targeted Oncology

2024-02-16 12:56:07 ET

Summary

• IDEAYA Biosciences' stock has increased by 57% since September, outperforming the S&P 500.
• PRMT5 inhibitors have gained attention in the biotech industry, with Bristol Myers paying $5.8 billion, in part, for Mirati's PRMT5 medication.
• IDEAYA's second lead drug, IDE397, is a PRMT5 inhibitor being studied in combination with an Amgen drug, with worldwide commercial rights retained by IDEAYA.
• Given the company's strategic positioning and the high unmet medical need in its target indications, IDEAYA appears to be a promising investment with significant upside potential.

IDEAYA Biosciences Ascends with Promising Oncology Pipeline

IDEAYA Biosciences, Inc. ( IDYA ) is up 57% since my "Buy" recommendation in September, outpacing the S&P 500 ( SP500 ) by over 40%. Back then, I was bullish on their lead clinical candidate, darovasertib , for treating metastatic uveal melanoma (MUM). Not much has changed since then, besides a more favorable macro environment for biotechs....

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