Top 11 Small Cap Stocks to Buy with Biggest Upside Potential

8. IDEAYA Biosciences, Inc. (NASDAQ:IDYA)

Market Cap: $1.79 billion

Analyst Upside: 165.77%

Number of Hedge Fund Holders: 34

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) develops oncology-focused precision medicine, focusing on targeted therapeutics for patients selected using molecular diagnostics. The company’s product candidate is IDE196, a protein kinase C inhibitor that targets genetically defined cancers with GNAQ or GNA11 gene mutations.

On April 15, analyst Jeet Mukherjee from BTIG maintained a Buy rating on IDEAYA Biosciences, Inc. (NASDAQ:IDYA), setting a $62.00 price target and highlighting its promising future prospects. The analyst reasoned that the company recently attained a significant milestone by aligning with the FDA on the pivotal endpoints for its Phase 3 trial of darovasertib in treating neoadjuvant uveal melanoma. The alignment covers key endpoints critical for complete approval, such as vision and eye preservation.

The analyst also highlighted that IDEAYA Biosciences, Inc. (NASDAQ:IDYA) is poised for several significant data releases that could act as potential catalysts for the stock, including the topline data from a Phase 2/3 trial in metastatic uveal melanoma. This also includes updates from other ongoing studies, as Mukherjee expects them to be potential factors that could upgrade the company’s valuation. IDEAYA Biosciences, Inc. (NASDAQ:IDYA) is thus an attractive buy for the analyst, with the strategic design of the Phase 3 study, complete with its interim analysis plans and detailed cohort structure, further supporting the potential for positive outcomes.