Ideaya Biosciences price target raised to $53 from $43 at RBC Capital

RBC Capital analyst Gregory Renza raised the firm’s price target on Ideaya Biosciences to $53 from $43 and keeps an Outperform rating on the shares. The firm is positive on the “clarity” and the management’s “confidence” following the company’s Q4 results and the clinical efficacy updates of daro in neoadjuvant uveal melanoma expected mid-2024, the analyst tells investors in a research note. RBC’s updated model reflects the value for daro in uveal melanoma/cutaneous melanoma, the firm added, also lifting its FY24 EPS view to ($1.97) from ($2.09).