Stifel disagrees with negative reaction in Ideaya shares after Amgen data

Stifel notes that Amgen (AMGN) reported that the ORR for AMG193 at active doses was trending around 28% and thinks “this is fine.” The firm thinks the stock reaction is negative because the clinical profile of AMG193 isn’t emerging as a strong standalone drug, but “disagrees with sentiment here” as the firm thinks AMG193 shows a similar level of SDMA reduction to first generation PRMT5 inhibitors in a way that is more tolerable and its more efficacious then first-gen inhibitors. The incomplete pathway suppression implies to the analyst that this is likely to benefit from the addition of Ideaya Biosciences’ (IDYA) IDE397 and the firm “disagrees with the negative stock reaction” being seen in Ideaya shares following Amgen’s presentation. The firm has a Buy rating on Ideaya shares, which are down $2.35, or nearly 9%, to $24.95 in afternoon trading.