IDYA - IDEAYA hit by first hold rating drops over 10% most in over two months

After an all-time high on Wednesday, IDEAYA Biosciences (IDYA -12.7%) has shed more than a tenth of the market cap to record the biggest intraday loss since early July after Stifel started the coverage of the stock with a hold rating. Estimating a price target of $27 per share, the analyst Benjamin J. Burnett paints a cautious outlook for the company’s tumor candidate, IDE397, and doubts if its effect on relevant biomarkers could lead to clinical efficacy. Burnett cites less than favorable results of related approaches based on PRMT5 inhibitors. As indicated in the Seeking Alpha Wall Street Ratings, the analysts were yet to issue neutral or bearish ratings on the stock. IDEAYA (NASDAQ:IDYA) is enrolling solid tumors patients with methylthioadenosine phosphorylase (MTAP) deletion for an early-stage trial for IDE397, a small molecule inhibitor targeting MAT2A (methionine adenosyltransferase 2a). Read: Prelude Therapeutics (NASDAQ:PRLD) is advancing its oral PRMT5 inhibitors in Phase 1

For further details see:

IDEAYA hit by first hold rating drops over 10% most in over two months