Ideaya Type C meeting outcome ‘best case,’ says Oppenheimer

Oppenheimer reiterates an Outperform rating on Ideaya Biosciences with a $35 price target after the company announced updates from its ongoing exploration of darovasertib in neoadjuvant uveal melanoma, including feedback from a recent Type C meeting with the FDA. The Type C outcome shared is “best case” as the FDA seems “willing to play ball with surrogate endpoints” like eye preservation rather than relying exclusively on longer-term outcomes like time to metastasis, the analyst tells investors in a research note. The firm believes longer-term outcomes will be included as a secondary endpoint. Oppenheimer thinks the update “opens the door for a possible accelerated approval” and believes the Type C meeting removes a regulatory overhang on Ideaya’s strategy.