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Ideaya Biosciences initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Ideaya Biosciences (IDYA) with an Overweight rating and $44 price target The firm does not think the Street is pricing in enough value for darovasertib’s potential in uveal melanoma. The company’s updates expected in 2025 should “de-risk” the drug in both first-line metastatic uveal melanoma and the neo adjuvant setting, the analyst tells investors in a research note. Further, updates from Ideaya’s early pipeline should offer upside in the next 12-18 months, contends Wells.

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