Ideaya Biosciences price target raised to $65 from $60 at Truist

Truist raised the firm’s price target on Ideaya Biosciences (IDYA) to $65 from $60 and keeps a Buy rating on the shares following topline results from Phase 2/3 registrational trial, OptimUM-02, evaluating darovasertib in combination with crizotinib in metastatic uveal melanoma. The firm says today’s disclosure highlights darovasertib’s best-in-class progression-free survival and consistent efficacy to an earlier study, which together with a favorable overall survival trend and management’s comfort provide meaningful derisking signals for the OS outcome. Truist projects potential approval by year-end 2026/early-2027, assuming a relatively aggressive regulatory timeline which could ultimately unlock its $800M-plus peak revenue potential in MUM.