Jul. 9 at 2:54 PM
RBC⬇️
$IDYA PT to
$30 from
$57, reiterated at OP and said "Ph.III Readout in 2H25 Should Drive Upside and Unlock A
$1B Revenue Oppt'y; We are updating our views on
$IDYA following additional diligence, KOL discussions, and meeting with mgmt"
$MRK $DSNKY $ZLAB $ONC PFE GILD
RBC Capital added, "While the stock has been largely range bound this year, with less investor attention, we believe as we enter the second half
$IDYA should garner more attention given a major ph.Ill event for lead drug daro, as well as a number of supporting pipeline updates.
We see a 65%+ likelihood of success for the ph.Ill readout in metastatic uveal melanoma coming towards year-end, and see 40% upside given potential for a rapid launch by 2026.
With a lower risk and high reward catalyst, as well as pipeline clarity across '897 and '349, we would be buyers into 2H25; tgt to
$30 and maintaining Outperform, Spec. Risk rating."
