Ideaya Biosciences Inc. (IDYA) shares reached a 52-week high of $40.88 on Tuesday, trading at $40.04 during regular hours and $40.48 in pre-market activity, up 1.1%. The biotech company’s market capitalization stands at $3.86 billion, reflecting a 61.06% increase over the past 12 months.
Analysts at Citizens maintained a Market Outperform rating with a price target of $45, citing recent data presented at the American Society of Clinical Oncology meeting. The upgrade follows the company’s progress in developing targeted cancer therapies.
Ideaya has initiated a Phase 1 clinical trial for IDE892, a PRMT5 inhibitor, in combination with IDE397, a MAT2A inhibitor. The trial targets MTAP-deleted solid tumors, with a focus on non-small cell lung cancer and pancreatic cancer. The first patient has already been enrolled, according to the company.
The biotech firm recently completed a capital raise, issuing 7.22 million shares at $27 each and pre-funded warrants for 5.56 million shares, generating gross proceeds of approximately $345 million. Additionally, Ideaya priced a separate $300 million stock offering as part of its broader financing strategy.
