Ideaya Biosciences price target raised to $60 from $53 at Oppenheimer

Oppenheimer raised the firm’s price target on Ideaya Biosciences (IDYA) to $60 from $53 and keeps an Outperform rating on the shares after updating its modeled valuation for IDE397 and increasing its view of the odds of success of the program to 65% from 45% based on monotherapy expansion data reported today that the firm says “look strong.” While Ideaya partnered last year with Amgen (AMGN) to explore IDE397 with Amgen’s PRMT5 inhibitor, AMG193, the company continues exploring IDE397 as a monotherapy and “even flirts with other suitors,” notes the analyst, who contends that “the preclinical data supporting the combo look too good to pass up” and that Ideaya’s management has “set up the company in the best possible way.”