Ideaya Biosciences (IDYA) PT Raised to $45 at Citizens JMP

Citizens JMP analyst Silvan Tuerkcan raised the price target on Ideaya Biosciences (NASDAQ: IDYA) to $45.00 (from $41.00) while maintaining a Market Outperform rating.

The analyst commented, "DEAYA Biosciences's partner Hengrui showed strong numbers with DLL3-ADC IDE849 (SHR4849) in updated Ph1 data in Chinese patients that cleared the hurdle with more room than anticipated. IDE849 checked all the boxes and showed best-in-class efficacy as well as duration compared to the competitive landscape (details inside). We point to IDYA's R&D day on Monday morning for more details and we expect the stock to react positively (+10%) on this strong update. We maintain our Market Outperform rating and increase our DCF-derived price target to $45 from $41 based on an increased probability of success (25% from 15%) for IDE849."

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