Ideaya Biosciences price target raised to $31 from $23 at Roth Capital

Roth Capital analyst Zegbeh Jallah raised the firm's price target on Ideaya Biosciences to $31 from $23 and keeps a Buy rating on the shares after the company announced the results of its Phase 1/2 study evaluating darovasertib as a monotherapy and in combination with Binimetinib in solid tumors, including metastatic uveal melanoma. The stock in afternoon trading is up 9c to $18.79. Monotherapy resulted in superior overall survival versus historical data and the commination achieved early partial responses, Jallah tells investors in a research note. The analyst believes the "positive data presented clearly de-risks" the darovasertib opportunity and that metastatic uveal melanoma is a large unmet medical need.