Ideaya Biosciences price target lowered to $36 from $37 at Oppenheimer

Oppenheimer analyst Matthew Biegler lowered the firm’s price target on Ideaya Biosciences (IDYA) to $36 from $37 and keeps an Outperform rating on the shares. Ideaya had an opportunity to reinvigorate interest in its pipeline at its R&D Day today, but the firm “thought the company fell short,” the analyst tells investors. The firm believes that MAT2A is “an almost-drug that needs a partner to shine,” which is why it was “excited about the Amgen PRMT5 collaboration,” but adding TRODELVY “doesn’t look like the answer,” the analyst says. Pivotal uveal data in the metastatic setting remain on track for year-end or Q1 of 2026 at the latest and this is “the biggest value driver for shares in the short/medium term,” the analyst argues.