Ideaya Biosciences price target lowered to $53 from $60 at Oppenheimer

Oppenheimer lowered the firm’s price target on Ideaya Biosciences to $53 from $60 but keeps an Outperform rating on the shares after its wider than expected Q2 loss. The company is going for the Holy Grail in DNA damage response – pairing DDR agents with chemotherapy, and while prior attempts always failed because either the DDR agent or the chemotherapy was too toxic, Ideaya thinks they have something with ADCs, the analyst tells investors in a research note. This is not core to the investment story, making it a “relatively low-risk, high-reward strategy”, the firm added.