Ideaya Biosciences price target lowered to $66 from $68 at Stifel

Stifel lowered the firm’s price target on Ideaya Biosciences to $66 from $68 and keeps a Buy rating on the shares. While the firm thinks the clinical data for darovasertib in the neoadjuvant setting are “good,” Stifel argues that “the stock is digesting the need to capture EFS” in Phase 3 and thinks some were anticipating getting FDA sign-off on an accelerated approval pathway without requiring an event/relapse assessment. The firm is optimistic that, despite timelines being pushed relative to best-case scenarios, daro having reduced tumors by greater than or equal to 30% in about half of the patients in Phase 1 and Phase 2 still leaves “a high probability-of-success.”