Ideaya's PRMT5, MAT2A Programs Draw Investor Focus, RBC Says

MT Newswires Live10-19

Ideaya Biosciences (IDYA) is drawing investor focus to its PRMT5 and MAT2A synthetic lethality programs, rather than its late-stage uveal melanoma assets, RBC said in a note Monday.

"While early, preclinical data for PRMT5, and the clinical profile of

MAT2A suggest they should be highly competitive molecules that play well in combination, and have potential to unlock >$1.5B in combined US sales," the report said.

Since the Roche collaboration with a multi-RAS inhibitor, the stock has added between $600 million and $1.2 billion in market value, despite no additional economics from the collaboration, the report said.

The note said the potential large-pharma validation alone has driven this shift and fueled investor attention.

"We think a steady catalyst path from competitor readouts and internal updates can allow shares to continue to climb," it said.

RBC has an outperform rating and a $48 price target.

Price: 33.36, Change: +0.51, Percent Change: +1.55

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