Ideaya Biosciences price target raised to $40 from $32 at Guggenheim

Guggenheim analyst Chalres Zhu raised the firm’s price target on Ideaya Biosciences to $40 from $32 and keeps a Buy rating on the shares after the company provided a mUM regulatory update, consistent with prior guidance, as well as "surprise" clinical updates in mUM and primary UM that the firm calls "broadly positive." Following the update, the firm has increased its view on the odds of success in mUM to 95%, from 90% previously, and in primary UM to 60% from 50% previously.