Oppenheimer lowered the firm’s price target on Ideaya Biosciences (IDYA) to $40 from $53 and keeps an Outperform rating on the shares after the company and Amgen (AMGN) mutually agree to wind down the IDE397 and AMG 193 clinical combination study. The firm is “disappointed” as it thought the data in 2023 were some of the best preclinical data it had ever seen. Ideaya remains committed to the pathway, however, and is doubling down on the Trodelvy partnership with Gilead and furthering development of their own PRMT5 candidate, the analyst tells investors in a research note.
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