Ideaya Biosciences initiated with an Outperform at SVB Securities

SVB Securities analyst Christopher Liu initiated coverage of Ideaya Biosciences with an Outperform rating and $33 price target. The key driver of shares and investor interest is IDE397, a MTA2A inhibitor being investigated in combo with AMGN’s PRMT5 inhibitor. The firm thinks preclinical data suggests synergy and differentiation vs. monotherapy approaches. Darovasertib is a PKC inhibitor that has demonstrated numerically superior mPFS vs. SOC in metastatic uveal melanoma. SVB believes this reads through to the larger neoadjuvant/adjuvant opportunity.