IDEAYA Biosciences (NASDAQ:IDYA) Price Target Raised to $66.00

Key Points

• Citigroup raised its price target on IDEAYA Biosciences to $66 from $65 and maintained a Buy rating; the target implies 115.27% upside from the prior close. Across analysts, the consensus is Moderate Buy with an average target of $50.
• IDEAYA shares fell 5.3% on Thursday to $30.66.
• The company reported quarterly revenue of $10.24 million, above analysts’ $7.58 million estimate and up 14.6% year over year, but its loss of $1.22 per share was slightly wider than the expected $1.18.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) had its price target lifted by Citigroup from $65.00 to $66.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's target price suggests a potential upside of 115.27% from the stock's previous close.

A number of other brokerages have also issued reports on IDYA. Wedbush boosted their price target on shares of IDEAYA Biosciences from $60.00 to $63.00 and gave the stock an "outperform" rating in a research note on Wednesday. Guggenheim reduced their price objective on shares of IDEAYA Biosciences from $57.00 to $52.00 and set a "buy" rating for the company in a research report on Wednesday. Jefferies Financial Group reaffirmed a "buy" rating on shares of IDEAYA Biosciences in a report on Tuesday, September 1st. Stifel Nicolaus started coverage on IDEAYA Biosciences in a research report on Wednesday, October 14th. They set a "buy" rating and a $48.00 target price on the stock. Finally, Truist Financial reiterated a "buy" rating and set a $57.00 target price (down from $59.00) on shares of IDEAYA Biosciences in a research report on Tuesday. Thirteen 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. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $50.00.

IDEAYA Biosciences Trading Down 5.3%

Shares of IDEAYA Biosciences stock traded down $1.70 during trading hours on Thursday, hitting $30.66. 1,237,236 shares of the company were exchanged, compared to its average volume of 1,033,264. The business has a 50-day moving average of $36.71 and a 200-day moving average of $34.03. IDEAYA Biosciences has a 1 year low of $26.81 and a 1 year high of $42.68. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of -6.83 and a beta of 0.08.

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). The firm had revenue of $10.24 million during the quarter, compared to analysts' expectations of $7.58 million. IDEAYA Biosciences had a negative net margin of 1,157.18% and a negative return on equity of 40.15%. The business's quarterly revenue was up 14.6% on a year-over-year basis. During the same quarter last year, the business earned $1.33 earnings per share. As a group, research analysts anticipate that IDEAYA Biosciences will post -4.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other IDEAYA Biosciences news, CEO Yujiro Hata sold 26,338 shares of the company's stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $37.41, for a total transaction of $985,304.58. Following the transaction, the chief executive officer directly owned 690,695 shares in the company, valued at approximately $25,838,899.95. This represents a 3.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 4.70% of the company's stock.

Institutional Investors Weigh In On IDEAYA Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of IDYA. Sterling Capital Management LLC boosted its stake 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 valued at $72,000 after acquiring an additional 319 shares during the last quarter. Covestor Ltd raised its stake 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 during the last quarter. Versant Capital Management Inc lifted 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 grew its position in shares of 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 increased its stake in shares of IDEAYA Biosciences by 6.3% during the 3rd quarter. ProShare Advisors LLC now owns 14,740 shares of the company's stock valued at $566,000 after acquiring an additional 876 shares during the last quarter. 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.

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