Ideaya has positive read from Amgen PRMT5 data, says Oppenheimer

Oppenheimer believes data presented at the Triple meeting are positive for Amgen’s (AMGN) program, AMG 193, and for the PRMT5 class, including Ideaya Biosciences’ (IDYA) MAT2A plus PRMT5 combination. Amgen and Ideaya are exploring lower doses in the combo, which is expected to maximize pathway suppression, while optimizing overall tolerability, says the analyst, who contends that “there’s a compelling rationale for any of BMY/MRTX, AMGN, or TNGX, to combine with MAT2A,” enhancing the overall value proposition for Ideaya. The firm has an Outperform rating and $35 price target on Ideaya shares.