Ideaya Biosciences price target lowered to $37 from $40 at Oppenheimer

Oppenheimer lowered the firm’s price target on Ideaya Biosciences (IDYA) to $37 from $40 and keeps an Outperform rating on the shares. After speaking with management after the company reported Q1 financials, the firm is “pounding the table,” noting that the company has $1B in cash, a runway into 2029, and a pivotal readout later this year that “we’re giving 90% POS of success.” The current enterprise value of about $500M suggests investors think darovasertib’s market opportunity in uveal is only $100-$200M per year maximum and the pipeline is a zero, but that “can’t be” and the market “just doesn’t appear to be operating efficiently,” the analyst tells investors.