IDEAYA Biosciences (NASDAQ:IDYA) Shares Up 8.6% – Here’s What Happened

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) was up 8.6% during trading on Monday . The stock traded as high as $33.62 and last traded at $33.9270. 489,100 shares traded hands during trading, a decline of 55% from the average daily volume of 1,096,371 shares. The stock had previously closed at $31.23.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of IDEAYA Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, June 13th. Citigroup reissued a “market outperform” rating on shares of IDEAYA Biosciences in a research note on Tuesday, June 2nd. Cantor Fitzgerald reissued an “overweight” rating on shares of IDEAYA Biosciences in a report on Friday, May 22nd. Guggenheim raised their price objective on shares of IDEAYA Biosciences from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Finally, Wedbush restated an “outperform” rating and set a $58.00 price objective on shares of IDEAYA Biosciences in a research report on Friday, June 12th. Fifteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, IDEAYA Biosciences presently has a consensus rating of “Moderate Buy” and an average price target of $50.69.

IDEAYA Biosciences Stock Performance

The stock has a market capitalization of $2.99 billion, a P/E ratio of -21.24 and a beta of -0.04. The firm has a 50-day moving average price of $29.79 and a 200 day moving average price of $32.31.

IDEAYA Biosciences (NASDAQ:IDYA) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($1.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.04). The company had revenue of $6.56 million during the quarter, compared to the consensus estimate of $5.04 million. The company’s quarterly revenue was down 39.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.82) earnings per share. On average, equities analysts anticipate that IDEAYA Biosciences, Inc. will post -4.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. ANTIPODES PARTNERS Ltd boosted its stake in shares of IDEAYA Biosciences by 49.4% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 1,150 shares of the company’s stock valued at $40,000 after purchasing an additional 380 shares in the last quarter. Daiwa Securities Group Inc. raised its position in IDEAYA Biosciences by 16.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,141 shares of the company’s stock worth $66,000 after purchasing an additional 436 shares during the period. Russell Investments Group Ltd. lifted its stake in IDEAYA Biosciences by 5.2% in the fourth quarter. Russell Investments Group Ltd. now owns 9,683 shares of the company’s stock worth $335,000 after purchasing an additional 476 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in IDEAYA Biosciences by 16.1% in the third quarter. PNC Financial Services Group Inc. now owns 3,881 shares of the company’s stock worth $106,000 after purchasing an additional 537 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in IDEAYA Biosciences by 171.1% in the fourth quarter. Farther Finance Advisors LLC now owns 919 shares of the company’s stock worth $32,000 after purchasing an additional 580 shares during the last quarter. 98.29% of the stock is owned by hedge funds and other institutional investors.

About IDEAYA Biosciences

IDEAYA Biosciences is a clinical-stage precision oncology company dedicated to the discovery and development of novel therapies that exploit synthetic lethality in cancer cells. By targeting key DNA damage response pathways, the company aims to selectively kill tumor cells exhibiting specific genetic vulnerabilities while sparing healthy tissue. IDEAYA’s pipeline includes small-molecule inhibitors designed to address underserved tumor types, and its lead programs are advancing through Phase 1 and Phase 2 clinical trials in multiple oncology indications.

Central to IDEAYA’s approach is its Modular Approach to Precision (MAP) platform, which integrates proprietary genomic and functional screening technologies to identify critical cancer-specific dependencies.