RPTX - Ideaya Biosciences: Prospects Rebound With Updated Uveal Melanoma Data
Summary
- Shares have posted a 40% loss over the past 12 months.
- I have added confidence in prospects for darovasertib in uveal melanoma given monotherapy activity as well as high ORR and PFS relative to competitors.
- MAT2A combination with Amgen's PRMT5 inhibitor has a compelling preclinical rationale (utility of lower doses could allow for better tolerability profile).
- I like that the company is founder-led and top brass is highly experienced (a number of members served prior at Genentech).
- IDYA is a Buy and I suggest accumulating dips near term. Key risks include emerging competition in the synthetic lethality space and setbacks with partnerships.
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Ideaya Biosciences: Prospects Rebound With Updated Uveal Melanoma Data