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

Key Points

• Wedbush raised its price target on IDEAYA Biosciences to $63 from $60 and maintained an “outperform” rating, implying 96.57% upside from the stock’s current price.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus and a $50.64 average price target, with 13 Buy, one Hold, and one Sell rating.
• In its latest quarter, IDEAYA reported revenue of $10.24 million, above estimates of $7.58 million and up 14.6% year over year, but an EPS loss of $1.22 that was slightly worse than expected.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) had its target price boosted by equities researchers at Wedbush from $60.00 to $63.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Wedbush's price target would indicate a potential upside of 96.57% from the stock's current price.

Several other analysts have also recently commented on the stock. Royal Bank Of Canada lowered their target price on shares of IDEAYA Biosciences from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, July 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of IDEAYA Biosciences in a research note on Thursday, October 15th. William Blair started coverage on IDEAYA Biosciences in a report on Friday, October 16th. They set an "outperform" rating on the stock. Guggenheim lifted their price objective on IDEAYA Biosciences from $54.00 to $57.00 and gave the company a "buy" rating in a research report on Wednesday, September 9th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of IDEAYA Biosciences in a research report on Tuesday, September 1st. Thirteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, IDEAYA Biosciences presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.64.

IDEAYA Biosciences Price Performance

IDEAYA Biosciences stock opened at $32.05 on Wednesday. The stock has a market capitalization of $2.82 billion, a P/E ratio of -16.46 and a beta of 0.08. IDEAYA Biosciences has a 12-month low of $26.81 and a 12-month high of $42.68. The firm's 50-day moving average is $36.91 and its two-hundred day moving average is $34.05.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported ($1.22) earnings per share for the quarter, missing analysts' consensus estimates of ($1.18) by ($0.04). IDEAYA Biosciences had a negative net margin of 75.93% and a negative return on equity of 16.73%. The firm had revenue of $10.24 million during the quarter, compared to analyst estimates of $7.58 million. During the same period in the prior year, the firm earned $1.33 EPS. The business's quarterly revenue was up 14.6% on a year-over-year basis. As a group, analysts forecast that IDEAYA Biosciences will post -4.52 EPS for the current 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 on Tuesday, October 6th. The stock was sold at an average price of $37.41, for a total value of $985,304.58. Following the transaction, the chief executive officer owned 690,695 shares in the company, valued at approximately $25,838,899.95. This trade represents a 3.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.70% of the company's stock.

Hedge Funds Weigh In On IDEAYA Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of IDYA. Sterling Capital Management LLC lifted its holdings in shares of IDEAYA Biosciences by 20.5% during the 3rd quarter. Sterling Capital Management LLC now owns 1,873 shares of the company's stock valued at $72,000 after acquiring an additional 319 shares in the last quarter. Covestor Ltd increased its holdings in IDEAYA Biosciences by 21.1% in the 3rd quarter. Covestor Ltd now owns 3,178 shares of the company's stock valued at $122,000 after purchasing an additional 554 shares in the last quarter. Versant Capital Management Inc increased its holdings in IDEAYA Biosciences by 26.7% in the 2nd quarter. Versant Capital Management Inc now owns 2,825 shares of the company's stock valued at $105,000 after purchasing an additional 596 shares in the last quarter. Hsbc Holdings PLC raised its position in IDEAYA Biosciences by 3.9% in the first quarter. Hsbc Holdings PLC now owns 19,258 shares of the company's stock valued at $645,000 after purchasing an additional 725 shares during the period. Finally, ProShare Advisors LLC raised its position in IDEAYA Biosciences by 6.3% in the third quarter. ProShare Advisors LLC now owns 14,740 shares of the company's stock valued at $566,000 after purchasing an additional 876 shares during the period. 98.29% of the stock is 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.

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