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

Wedbush analyst Robert Driscoll raised the firm’s price target on Ideaya Biosciences to $35 from $30 and keeps an Outperform rating on the shares. The firm notes Ideaya reported new clinical data from Phase 2 expansion dose cohorts of darovasertib in combination with crizotinib in metastatic uveal melanoma, and finalized the design of a Phase 2/3 trial that Wedbush expects is likely to support an accelerated approval. The firm sees a clear franchise opportunity that is largely de-risked in the metastatic setting given the clinical benefit observed to date and clear regulatory path.