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 following the Q2 results. The firm has witnessed a resurgence of interest in the treatment of MTAP-deleted tumors, which 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 firm believes the biology is better understood now and the combination is the way to go, and Ideaya shares could double in value if early data from the combination is strong.
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