Leerinks downgrades Ideaya Biosciences pending clarity on key programs

As previously reported, Leerink downgraded Ideaya Biosciences (IDYA) to Market Perform from Outperform with a price target of $27, down from $41, following the Q3 update. The firm cites uncertainty in key programs darovasertib and IDE397. While Leerink has conviction in daro in frontline HLA- metastatic uveal melanoma, it says the trial is unlikely to have an interim readout until the first half of 2026, which places the program in limbo in the near/intermediate term. For the neoadjuvant program, the firm is confident in daro’s ability to demonstrate benefit in the smaller pool of enucleation directed patients. However, based on MEDACorp KOL feedback, Leerink sees significant risk in daro’s ability to translate to a benefit in vision loss in the larger pool of brachyradiotherapy patients.