Ideaya Biosciences initiated with an Overweight at Stephens

Stephens initiated coverage of Ideaya Biosciences (IDYA) with an Overweight rating and $51 price target The firm is adding to its Biotechnology research coverage with a focus on targeted protein degradation, or TPD, technology and commercial and clinical-stage rare disease-focused companies. Ideaya’s lead asset is in Phase 2/3 potential registrational trials for the treatment of metastatic uveal melanoma, or MUM, and it has a “robust pipeline” in development for multiple solid tumor indications, the analyst tells investors.