IDEAYA Biosciences (NASDAQ:IDYA) Receives "Overweight" Rating from Cantor Fitzgerald

Key Points

• IDEAYA Biosciences' stock was given an "overweight" rating by Cantor Fitzgerald, reaffirming investor confidence in the company's prospects.
• The average rating for IDEAYA's stock is a "Moderate Buy," with a consensus target price of $45.38, following multiple analysts issuing positive ratings.
• IDEAYA reported a quarterly loss of ($0.88) EPS, missing estimates, but exceeded revenue expectations with $6.00 million for the quarter.

Cantor Fitzgerald reiterated their overweight rating on shares of IDEAYA Biosciences (NASDAQ:IDYA - Free Report) in a research note released on Tuesday morning,Benzinga reports.

Several other equities analysts have also recently issued reports on the company. Citizens Jmp assumed coverage on IDEAYA Biosciences in a report on Thursday, September 4th. They set a "mkt outperform" rating and a $41.00 price objective for the company. Barclays assumed coverage on IDEAYA Biosciences in a report on Thursday, September 4th. They set an "overweight" rating and a $40.00 price objective for the company. Wells Fargo & Company assumed coverage on IDEAYA Biosciences in a report on Thursday, June 26th. They set an "overweight" rating and a $44.00 price objective for the company. TD Cowen assumed coverage on IDEAYA Biosciences in a report on Tuesday, July 22nd. They set a "buy" rating for the company. Finally, Citigroup started coverage on IDEAYA Biosciences in a report on Thursday, September 4th. They set an "outperform" rating for the company. Thirteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.85.

IDEAYA Biosciences Trading Down 1.3%

Shares of IDYA traded down $0.32 during mid-day trading on Tuesday, hitting $24.61. The company's stock had a trading volume of 1,047,343 shares, compared to its average volume of 1,194,808. The firm has a 50-day simple moving average of $23.94 and a 200 day simple moving average of $20.75. The firm has a market capitalization of $2.16 billion, a P/E ratio of -6.49 and a beta of 0.12. IDEAYA Biosciences has a 1-year low of $13.45 and a 1-year high of $37.80.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.85) by ($0.03). The company had revenue of $6.00 million during the quarter, compared to analysts' expectations of $3.48 million. The business's revenue was up NaN% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.68) earnings per share. As a group, sell-side analysts predict that IDEAYA Biosciences will post -3.07 EPS for the current fiscal year.

Hedge Funds Weigh In On IDEAYA Biosciences

Several hedge funds have recently bought and sold shares of the stock. Janus Henderson Group PLC grew its position in shares of IDEAYA Biosciences by 13.5% in the fourth quarter. Janus Henderson Group PLC now owns 5,857,639 shares of the company's stock valued at $150,606,000 after purchasing an additional 695,263 shares during the period. Vanguard Group Inc. lifted its stake in shares of IDEAYA Biosciences by 0.3% during 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. Geode Capital Management LLC lifted its stake in shares of IDEAYA Biosciences by 1.6% during the second quarter. Geode Capital Management LLC now owns 2,113,164 shares of the company's stock worth $44,424,000 after purchasing an additional 33,286 shares in the last quarter. Fiera Capital Corp lifted its stake in shares of IDEAYA Biosciences by 26.6% during the second quarter. Fiera Capital Corp now owns 1,532,269 shares of the company's stock worth $32,208,000 after purchasing an additional 322,404 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its stake in shares of IDEAYA Biosciences by 4.2% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,238,094 shares of the company's stock worth $26,025,000 after purchasing an additional 50,000 shares in the last quarter. Hedge funds and other institutional investors own 98.29% of the company's stock.

IDEAYA Biosciences Company Profile

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.