Ideaya Biosciences price target lowered to $30 from $57 at RBC Capital

RBC Capital analyst Gregory Renza lowered the firm’s price target on Ideaya Biosciences (IDYA) to $30 from $57 and keeps an Outperform rating on the shares. The stock has been largely rangebound this year, with less investor attention, but entering the second half, Ideaya should garner more attention given a major Phase 3 event for lead drug daro, as well as a number of supporting pipeline updates, the analyst tells investors in a research note. There’s a 65% or more likelihood of success for the phase III readout in metastatic uveal melanoma coming towards year-end, and the firm also sees 40% upside given potential for a rapid launch by 2026, RBC added.