IDEAYA Biosciences (NASDAQ:IDYA) Price Target Raised to $63.00

IDEAYA Biosciences (NASDAQ:IDYA) had its price objective upped by Wedbush from $60.00 to $63.00 in a report published on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

IDYA has been the subject of several other reports. Citigroup restated a “market outperform” rating on shares of IDEAYA Biosciences in a research report on Monday, October 19th. William Blair initiated coverage on IDEAYA Biosciences in a report on Friday, October 16th. They issued an “outperform” rating on the stock. Wall Street Zen downgraded IDEAYA Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Truist Financial reissued a “buy” rating and set a $57.00 target price (down from $59.00) on shares of IDEAYA Biosciences in a research note on Tuesday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of IDEAYA Biosciences in a research note on Thursday, October 15th. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $50.00.

IDEAYA Biosciences Price Performance

Shares of NASDAQ:IDYA traded up $0.59 during mid-day trading on Wednesday, reaching $31.24. 1,652,526 shares of the company were exchanged, compared to its average volume of 883,716. The firm has a market cap of $2.74 billion, a price-to-earnings ratio of -6.96 and a beta of 0.08. The firm’s 50-day simple moving average is $36.28 and its 200 day simple moving average is $33.98. IDEAYA Biosciences has a 1 year low of $26.81 and a 1 year high of $42.68.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its earnings results on Tuesday, November 3rd. The company reported ($1.22) earnings per share for the quarter, missing the consensus estimate of ($1.18) by ($0.04). The company had revenue of $10.24 million during the quarter, compared to analyst estimates of $7.58 million. IDEAYA Biosciences had a negative net margin of 75.93% and a negative return on equity of 16.73%. The firm’s revenue for the quarter was up 14.6% on a year-over-year basis. During the same quarter last year, the business posted $1.33 EPS. On average, research analysts forecast that IDEAYA Biosciences will post -4.62 earnings per share for the current fiscal year.

Insider Buying and Selling at IDEAYA Biosciences

In related news, CEO Yujiro Hata sold 26,338 shares of IDEAYA Biosciences stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $37.41, for a total value of $985,304.58. Following the completion of the transaction, the chief executive officer owned 690,695 shares in the company, valued at approximately $25,838,899.95. The trade was a 3.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On IDEAYA Biosciences

Hedge funds have recently added to or reduced their stakes in the business. Quantbot Technologies LP purchased a new position in IDEAYA Biosciences in the 2nd quarter valued at approximately $43,000. Sterling Capital Management LLC increased its position in shares of IDEAYA Biosciences by 20.5% during the third quarter. Sterling Capital Management LLC now owns 1,873 shares of the company’s stock worth $72,000 after acquiring an additional 319 shares during the period. Nykredit A S purchased a new stake in shares of IDEAYA Biosciences during the second quarter worth $76,000. GAMMA Investing LLC raised its stake in shares of IDEAYA Biosciences by 79.0% in the third quarter. GAMMA Investing LLC now owns 2,315 shares of the company’s stock valued at $89,000 after acquiring an additional 1,022 shares in the last quarter. Finally, Fifth Third Bancorp acquired a new stake in shares of IDEAYA Biosciences in the first quarter valued at $84,000. 98.29% of the stock is currently owned by institutional investors and hedge funds.

IDEAYA Biosciences Company Profile

IDEAYA Biosciences, Inc (NASDAQ:IDYA) is a biotechnology company focused on discovering and developing precision medicines for cancer. Its research emphasizes synthetic lethality, biomarker-driven drug discovery and molecularly defined patient populations, with the goal of matching targeted therapies to specific genetic alterations in tumors.

The company’s pipeline includes darovasertib, an investigational protein kinase C inhibitor being studied primarily for genetically defined cancers, including metastatic uveal melanoma.