IDEAYA Biosciences (IDYA) experienced a significant surge in its stock price during intraday trading on Monday following promising outcomes from a mid-stage study of its treatment targeting specific bladder and small-cell lung cancers.
The biotech company reported compelling results from its Phase 2 trial of IDE397, particularly effective for patients with methylthioadenosine phosphorylase (MTAP)-deletion solid cancers. The trial demonstrated a noteworthy 94% disease control rate, with 78% of patients experiencing tumor shrinkage while on the 30mg once-a-day tablet regimen.
According to IDEAYA, there are currently no FDA-approved treatments available for MTAP-deletion solid tumors, affecting an estimated 48,000 individuals in the United States who suffer from bladder and small-cell lung cancers.
Optimism and Future Prospects
Dr. Darrin Beaupre, IDEAYA’s Chief Medical Officer, expressed optimism about the results, describing the company as “highly encouraged.” He highlighted IDE397’s potential to support extended duration dosing and combinations in cancer treatment strategies.
The positive trial outcomes propelled IDEAYA Biosciences’ stock price up by over 13% to $38.86 as of 12:05 p.m. ET, positioning the company positively for the year amid investor optimism and confidence in its innovative approach to cancer therapy.
This surge underscores the market’s response to promising advancements in biotech and pharmaceutical innovation, particularly in addressing challenging and underserved oncological conditions.
