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Investing.com - Mizuho (NYSE:MFG) has lowered its price target on Ideaya Biosciences (NASDAQ:IDYA) to $43.00 from $55.00 while maintaining its Outperform rating on the stock. The company, currently trading at $25.97, maintains strong liquidity with a current ratio of 13.92x, according to InvestingPro data.
The price target reduction of 22% follows Mizuho’s comprehensive review of Ideaya’s pipeline, which consists of nine assets expected to be in clinical trials by year-end 2025. With a market capitalization of $2.26 billion, the company holds more cash than debt on its balance sheet, positioning it well for continued development efforts.
Mizuho noted that the timing for the first pivotal study efficacy readout for Ideaya’s lead asset darovasertib (for metastatic uveal melanoma) has been tightened and is now expected by the end of 2025.
For IDE397, the company’s second most important pipeline asset, Mizuho has slightly delayed its launch timing assumptions following the dissolution of a key partnership announced earlier this year.
Despite the price target reduction, Mizuho maintained its Outperform rating, citing "significant pipeline optionality" with six of Ideaya’s nine assets not yet reflected in its financial model.
In other recent news, IDEAYA Biosciences announced that results from its Phase 2 study of the drug darovasertib for primary uveal melanoma will be presented at the European Society of Medical (TASE:BLWV) Oncology meeting in October 2025. This study involves over 90 patients and will focus on enucleation prevention and vision preservation. Additionally, IDEAYA Biosciences and Jiangsu Hengrui Pharmaceuticals will present Phase 1 data for their investigational drug IDE849 targeting small-cell lung cancer at the World Conference on Lung Cancer. TD Cowen initiated coverage on IDEAYA Biosciences with a Buy rating, highlighting the company’s robust pipeline of clinical-stage programs. Meanwhile, Goldman Sachs resumed coverage with a Neutral rating, supported by a discounted cash flow analysis. RBC Capital adjusted its price target for IDEAYA Biosciences to $30, maintaining an Outperform rating after further assessment of the company’s clinical pipeline. These developments reflect ongoing interest and analysis from various research firms regarding IDEAYA’s potential in the oncology field.
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