Mizuho on Ideaya Biosciences (IDYA): 'we recommend being opportunistic on weakness'

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."

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 $32.75 yesterday.

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