Jul. 30 at 11:42 AM
Mizuho⬇️
$IDYA PT to
$43 from
$55, keeps at Outperform & says, "Given a fresh review of
$IDYA's pipeline (a deep one, consisting of nine assets that are all expected to be in the clinic by YE25), we now reflect on multiple updates.
Most notably, while timing of a first pivotal study efficacy readout for lead asset darovasertib/daro (for metasatic uveal melanoma/MUM) is now expected by YE25 (reflecting a tightening of timelines), for
$IDYA's second most important pipeline asset, IDE397 (a novel MAT2A inhibitor), we now push out (slightly) our launch timing assumption, given news earlier this year of a dissolution of a key partnership.
Bigger picture, we've made several model revisions (see within; mainly, non-pipeline-related), and net-net, our PT moves 22% lower to
$43 from
$55. That said, with significant pipeline optionality (and hence, model upside) - given six of
$IDYA's nine assets yet to be reflected in our model - and in light of current risk/reward, we stay OP-rated on
$IDYA."
