BTIG initiated coverage of Ideaya Biosciences with a Buy rating and $55 price target. Ideaya is a clinical-stage biotech company “with a robust pipeline of first-in-class molecules in attractive oncology markets and a strong balance sheet that offers multiple value-creation opportunities for investors,” the analyst tells investors in a research note. The firm says the company’s lead drug daroversitib has demonstrated encouraging clinical data in the untapped HLA-A2(-) uveal melanoma patient population.
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