Ideaya Biosciences price target raised to $35 from $30 at Oppenheimer

Oppenheimer analyst Matthew Biegler raised the firm’s price target on Ideaya Biosciences (IDYA) to $35 from $30 and keeps an Outperform rating on the shares after its Q2 results. The analyst cites the recent resurgence of interest in the treatment of MTAP-deleted tumors, spurred by Phase 1 data from Mirati’s (MRTX) PRMT5 inhibitor MRTX1719 and the excitement has buoyed Ideaya shares, with the company and partner Amgen (AMGN) recently initiating a Phase 2 trial testing IDEAYA’s MAT2A inhibitor with Amgen’s PRMT5 inhibitor. The pathway still has its share of critics, but the biology is better understood now and the combination is the way to go, the firm adds.