Ideaya Biosciences initiated with an Outperform at Mizuho

Mizuho initiated coverage of Ideaya Biosciences with an Outperform rating and $50 price target, which implies 50% upside. Ideaya is an oncology-focused, clinical stage biotech combining precision medicine, functional genomics and synthetic lethality to develop potentially both first-in-class and best-in-class therapies, the analyst tells investors in a research note. The firm says that while its near-term focus rests with the prospects of lead asset darovasertib, Ideaya also features four other novel candidates advancing through and into the clinic that help to diversify the company.