Ideaya upside ‘even more likely’ after IND accepted, says Capital One

After Ideaya Biosciences announced yesterday that the IND for its third and wholly owned Synthetic Lethality clinical program, IDE161, was cleared by the FDA and that first-in-human clinical studies are expected to begin in Q1, Capital One analyst Zegbeh Jallah said IDE161 was not a part of her valuation when she recently initiated coverage of Ideaya with an Overweight rating and $29 price target. However, she did view it as a potential upside for 2022 and yesterday’s announcement "makes that even more likely," the analyst tells investors.