Ideaya Biosciences (IDYA) PT Raised to $61 at RBC Capital

RBC Capital analyst Gregory Renza raised the price target on Ideaya Biosciences (NASDAQ: IDYA) to $61.00 (from $53.00) while maintaining a Outperform rating.

The analyst commented: "IDYA disclosed a clinical update on IDE397 (MAT2A inhibitor) on Monday, comfortably establishing its monotherapy efficacy (39% ORR) and safety in MTAP-deletion solid tumors (NSCLC and UC) which boldly rival competitors (e.g. PRMT5 inhibitors), in our view. We see these data as strengthening the rationale for IDE397 to be explored in combination settings to potentially amplify antitumor activity of AMG 193, Trodelvy, and IDYA-wholly owned MTAP candidates in MTAP-deletion solid tumors – all supportive of IDYA's plan to advance IDE397 toward registrational development in 2025. On our greater conviction for IDE397's potential to differentiate IDYA's MTAP strategy and feedback on the developments including from our 1x1 with mgmt, we raise our PT to $61 from $53 and reiterate our Outperform, Speculative Risk rating."

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