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IDEAYA Posts Better-Than-Feared Quarterly Loss, Sales Top Estimates

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IDEAYA Biosciences, a synthetic lethality-focused precision medicine oncology company, reported a smaller-than-expected loss in the fourth quarter and outpaced analysts’ expectations for revenues.

IDEAYA (IDYA) incurred a loss of $0.18 per share in 4Q, compared to the loss of $0.53 recorded in the prior-year quarter. Analysts were expecting the company to report a loss of $0.30 per share.

Total collaboration revenue of $10.6 million topped analysts’ expectations of $7.92 million. Research and development expenses were $12.1 million, up 42.4% year-over-year, while general and administrative expenses came in at $3.8 million, up 35.7%. (See IDEAYA stock analysis on TipRanks)

IDEAYA CEO Yujiro S. Hata said, “IDE196 has reached a key inflection point as we initiated dose expansion in our Phase 1/2 study evaluating the IDE196 / binimetinib combination in the GNAQ/11 mutation-driven cancer of metastatic uveal melanoma.”

On March 17, Oppenheimer analyst Kevin DeGeeter maintained a Buy rating and a price target of $25 (7.5% upside potential) on the stock.

DeGeeter views “partnership with GSK as validation of IDYA’s leading role in synthetic lethality drug development. Additionally, PKC inhibition, which is regulated by MAPK signaling of upstream GNA11 or GNAQ mutations, offers an attractive strategy for treating metastatic uveal melanoma based on broad expression of GNA11 or GNAQ mutations in the population (90%-plus of patients) and early-stage proof-of-concept from clinical trials.”

IDEAYA shares have exploded 96.4% over the past six months, while the stock still scores a Strong Buy consensus rating based on 6 unanimous Buys. That’s alongside an average analyst price target of $26.80, which implies 15.3% upside potential to current levels.

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