Sep. 8 at 10:25 AM
Citizens⬆️
$IDYA's PT to
$45 from
$41, reiterated at a Market Outperform and said, IDEAYA Biosciences's partner Hengrui showed strong numbers with DLL3-ADC IDE849 (SHR4849) in updated Ph1 data in Chinese patients that cleared the hurdle with more room than anticipated.
$AZN $RHHBY $BMY $ZLAB ABBV
Citizens added, IDE849 checked all the boxes and showed best-in-class efficacy as well as duration compared to the competitive landscape (details inside).
We point to
$IDYA's R&D day on Monday morning for more details and we expect the stock to react positively (+10%) on this strong update. We maintain our Market Outperform rating and increase our DCF-derived price target to
$45 from
$41 based on an increased probability of success (25% from 15%) for IDE849.