Sep. 12 at 9:50 AM
Mizuho reiterated
$IDYA Outperform-
$44 & said we attended
$IDYA's R&D Day earlier this week, with the company featuring presentations on its five highest-priority R&D assets:
(1) darovasertib for uveal melanoma/UM;
(2) IDE397, a novel MAT2A candidate for MTAP-deleted solid tumors;
(3) IDE849, an emerging DLL3-TOP1 ADC candidate;
(4) IDE161, a novel PARG inhibitor; and
(5) IDE892, a potentially best-in-class PRMT5 inhibitor.
Overall, we walked away positively, as we continue to be impressed by
$IDYA's ability to execute.
On lead asset daro, following the updates we heard (including supportive comments by an uveal melanoma expert), we increase our probability of
success/POS assumption to 70% (vs. 60% prior) in the neoadjuvant UM setting, and on other model updates, our PT moves to
$44.
With the stock down 8% post-the R&D Day event, additional pipeline newsflow expected in the near-term, and model upside from pipeline assets not currently modeled, we stay OP-rated on
$IDYA.
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