Mizuho analyst Graig Suvannavejh reiterated an Outperform rating and $46.00 price target on Ideaya Biosciences (NASDAQ: IDYA)

The analyst commented, "Yesterday, IDYA announced a slight shift in the expected timing of its top-line data release from the P2/3 OptimUM-02 study for lead asset darovasertib/daro in metastatic uveal melanoma/mUM. With a database lock, according to IDYA, now expected in the first half of April, we believe the data will now come in the May timeline. While this perhaps comes as a slight disappointment (recall prior guidance on expected timing was late March), given knowledge that the OptiMUM-02 study is event-driven, we're not overly concerned on potential implications on the data outcome. As such, we maintain our OP rating on IDYA. Should shares come under pressure today on a perception yesterday's announced delay might infer an increased chance of a potentially negative P2/3 data outcome, we recommend being opportunistic on weakness."

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Shares of Ideaya Biosciences closed at $32.75 yesterday.