UPDATE: Baird Assumes Ideaya Biosciences (IDYA) at Outperform

Baird analyst Joel Beatty assumes coverage on Ideaya Biosciences (NASDAQ: IDYA) with a Outperform rating and a price target of $28.00.

The analyst comments "Clinical data support darovasertib’s safety and efficacy in GNAQ/GNA11-mutant MUM. Interim phase 1/2 results for PKC inhibitor darovasertib have shown early encouraging efficacy in MUM across multiple readouts, including DCR, ORR, and PFS. We thus look forward to updates on regulatory guidance and clinical data in 2H21 as a potential positive catalyst for IDYA shares. Higher potency and selectivity could make IDE397 superior to Agios’ AG-270. Ideaya is developing MAT2A inhibitor IDE297 for the treatment of MTAP-deleted cancers, while Agios is developing a similar agent, AG-270, for this same setting. Given what appears to be higher potency and selectivity for IDE397 compared to AG-270, it appears IDE397 will be able to be dosed at ~1/10 the dose of AG-270, and thus IDE397 may avoid the grade 3/4 increases in liver enzymes seen with AG-270."

For an analyst ratings summary and ratings history on Ideaya Biosciences click here. For more ratings news on Ideaya Biosciences click here.

Shares of Ideaya Biosciences closed at $20.18 yesterday.

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