Mar. 23 at 1:51 PM
Mizuho reiterated
$IDYA Outperform/
$46
$IMCR $REPL IMTX
Mizuho said—Yesterday, IDYA announced a slight shift in the expected timing of its top-line data release from the P2/3 OptimUM-02 study for lead asset darovasertib/daro in metastatic uveal melanoma/mUM.
With a database lock, according to IDYA, now expected in the first half of April, we believe the data will now come in the May timeline. While this perhaps comes as a slight disappointment (recall prior guidance on expected timing was late March), given knowledge that the OptiMUM-02 study is event-driven, we're not overly concerned on potential implications on the data outcome.
As such, we maintain our OP rating on IDYA.
Should shares come under pressure today on a perception yesterday's announced delay might infer an increased chance of a potentially negative P2/3 data outcome, we recommend being opportunistic on weakness.
