Barclays Begins Coverage on IDEAYA Biosciences (NASDAQ:IDYA)

Key Points

• Barclays has upgraded IDEAYA Biosciences (NASDAQ:IDYA) to a "strong-buy" rating, signaling increased confidence in the company's stock performance.
• JPMorgan Chase & Co. and Royal Bank Of Canada have also recently adjusted their ratings and price targets for IDEAYA, with JPMorgan increasing their target from $72.00 to $74.00.
• IDEAYA Biosciences reported a quarterly loss of ($0.88) per share, narrowly missing analyst estimates, but saw revenue grow significantly to $6.00 million, above the expected $3.48 million.

Barclays started coverage on shares of IDEAYA Biosciences (NASDAQ:IDYA - Free Report) in a research report sent to investors on Thursday, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $40.00 price objective on the stock.

A number of other analysts also recently issued reports on the stock. JMP Securities began coverage on shares of IDEAYA Biosciences in a report on Thursday, September 4th. They issued a "market outperform" rating and a $41.00 price objective for the company. Citigroup assumed coverage on shares of IDEAYA Biosciences in a report on Thursday, September 4th. They issued an "outperform" rating for the company. TD Cowen assumed coverage on shares of IDEAYA Biosciences in a report on Tuesday, July 22nd. They set a "buy" rating for the company. Wells Fargo & Company assumed coverage on shares of IDEAYA Biosciences in a report on Thursday, June 26th. They set an "overweight" rating and a $44.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price target on shares of IDEAYA Biosciences from $72.00 to $74.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Twelve research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $42.75.

IDEAYA Biosciences Stock Performance

Shares of IDYA stock traded up $0.19 during midday trading on Thursday, hitting $24.93. 368,492 shares of the company were exchanged, compared to its average volume of 1,151,905. The firm has a market capitalization of $2.18 billion, a P/E ratio of -6.58 and a beta of 0.12. IDEAYA Biosciences has a 52 week low of $13.45 and a 52 week high of $37.80. The firm's 50 day moving average price is $23.78 and its two-hundred day moving average price is $20.67.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.85) by ($0.03). The business had revenue of $6.00 million for the quarter, compared to analysts' expectations of $3.48 million. The firm's revenue for the quarter was up NaN% on a year-over-year basis. During the same period in the prior year, the company earned ($0.68) earnings per share. Analysts expect that IDEAYA Biosciences will post -3.07 EPS for the current year.

Hedge Funds Weigh In On IDEAYA Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. boosted its stake in IDEAYA Biosciences by 33.2% during the first quarter. Oppenheimer Asset Management Inc. now owns 11,560 shares of the company's stock worth $189,000 after acquiring an additional 2,884 shares in the last quarter. Rhumbline Advisers increased its holdings in IDEAYA Biosciences by 9.6% during the first quarter. Rhumbline Advisers now owns 124,437 shares of the company's stock worth $2,038,000 after buying an additional 10,876 shares during the last quarter. Palumbo Wealth Management LLC increased its holdings in IDEAYA Biosciences by 65.8% during the first quarter. Palumbo Wealth Management LLC now owns 22,402 shares of the company's stock worth $367,000 after buying an additional 8,893 shares during the last quarter. Swiss National Bank increased its holdings in IDEAYA Biosciences by 0.8% during the first quarter. Swiss National Bank now owns 150,800 shares of the company's stock worth $2,470,000 after buying an additional 1,200 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of IDEAYA Biosciences by 0.3% in the first quarter. Vanguard Group Inc. now owns 5,092,619 shares of the company's stock worth $83,417,000 after purchasing an additional 14,535 shares in the last quarter. 98.29% of the stock is currently owned by institutional investors and hedge funds.

About IDEAYA Biosciences

IDEAYA Biosciences, Inc, a synthetic lethality-focused precision medicine oncology company, discovers and develops targeted therapeutics for patient populations selected using molecular diagnostics in the United States. The company's products in development include IDE196, a protein kinase C inhibitor that is in Phase 2/3 clinical trials for genetically defined cancers having GNAQ or GNA11 gene mutations; IDE397, a methionine adenosyltransferase 2a inhibitor that is in Phase 1/2 clinical trials for patients with solid tumors having methylthioadenosine phosphorylase gene deletions, such as non-small cell lung, bladder, gastric, and esophageal cancers; IDE161, a poly ADP-ribose glycohydrolase inhibitor that is in Phase 1 clinical trial to treat tumors with homologous recombination deficiency (HRD), and other genetic or molecular signatures; GSK101, a Pol Theta Helicase inhibitor that is in Phase 1 clinical trial for the treatment of tumors with BRCA or other homologous recombination, and HRD mutations; and Werner Helicase inhibitors for tumors with high microsatellite instability.