Ideaya falls as analysts cautious despite eye cancer drug receiving FDA's 'breakthrough' tag

IDEAYA Biosciences

31/03/2025 17:40

** Shares of California-based drug developer Ideaya BiosciencesIDYA.O down 4.5% at $16.28

** IDYA receives breakthrough therapy designation for company's experimental drug, darovasertib, to treat a type of eye cancer called neoadjuvant uveal melanoma, before surgery

** Brokerage Leerink Partners says the majority of the neoadjuvant opportunity lies in the ~80% of patients scheduled for radiotherapy (both plaque and beam), which does not appear to be included in this designation

** "The drug will likely need to show an improvement over placebo in time" - Leerink Partners

** IDYA says the drug is currently being tested in a mid-stage trial and co plans to begin a late-stage study in H1 2025

** Neoadjuvant Uveal Melanoma affects 12,000 patients annually and is a high unmet medical need with no FDA-approved systemic therapies - IDYA

** Stock had fallen 35.8% YTD

(Reporting by Siddhi Mahatole)

((siddhi.mahatole@thomsonreuters.com))