IDEAYA Biosciences (NASDAQ:IDYA) Coverage Initiated by Analysts at Guggenheim

Key Points

• Guggenheim has initiated coverage on IDEAYA Biosciences (NASDAQ:IDYA) with a "buy" rating and a price target of $50.00, indicating a potential 104.58% upside from the current stock price.
• IDEAYA's latest earnings report revealed a loss of ($0.88) per share, slightly missing analysts' expectations, despite revenue surpassing estimates at $6.00 million.
• Institutional investors hold 98.29% of IDEAYA's stock, with several adding to their positions in recent quarters, highlighting strong institutional confidence in the company.

Investment analysts at Guggenheim began coverage on shares of IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) in a research note issued to investors on Thursday, MarketBeat reports. The firm set a "buy" rating and a $50.00 price target on the stock. Guggenheim's price objective would suggest a potential upside of 104.58% from the stock's current price.

IDYA has been the subject of a number of other reports. Stephens restated an "overweight" rating and set a $45.00 price target on shares of IDEAYA Biosciences in a research report on Tuesday, September 9th. JPMorgan Chase & Co. boosted their price target on shares of IDEAYA Biosciences from $72.00 to $74.00 and gave the company an "overweight" rating in a research report on Wednesday, September 3rd. Mizuho upped their target price on shares of IDEAYA Biosciences from $43.00 to $44.00 and gave the stock an "outperform" rating in a research report on Friday, September 12th. Citigroup reiterated a "buy" rating on shares of IDEAYA Biosciences in a research report on Tuesday, September 9th. Finally, Wells Fargo & Company initiated coverage on shares of IDEAYA Biosciences in a research note on Thursday, June 26th. They issued an "overweight" rating and a $44.00 price target for the company. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $43.36.

IDEAYA Biosciences Trading Down 1.1%

NASDAQ:IDYA opened at $24.44 on Thursday. The stock has a market capitalization of $2.14 billion, a PE ratio of -6.45 and a beta of 0.12. The firm's 50 day moving average is $24.11 and its 200 day moving average is $20.83. IDEAYA Biosciences has a 12 month low of $13.45 and a 12 month high of $36.70.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IDYA. CWM LLC raised its position in IDEAYA Biosciences by 325.7% in the first quarter. CWM LLC now owns 2,371 shares of the company's stock worth $39,000 after acquiring an additional 1,814 shares during the period. PNC Financial Services Group Inc. raised its position in IDEAYA Biosciences by 180.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,404 shares of the company's stock worth $39,000 after acquiring an additional 1,546 shares during the period. GF Fund Management CO. LTD. bought a new position in IDEAYA Biosciences in the fourth quarter worth approximately $47,000. Signaturefd LLC raised its position in IDEAYA Biosciences by 374.8% in the first quarter. Signaturefd LLC now owns 2,877 shares of the company's stock worth $47,000 after acquiring an additional 2,271 shares during the period. Finally, Elevation Point Wealth Partners LLC bought a new position in IDEAYA Biosciences in the second quarter worth approximately $61,000. 98.29% of the stock is currently owned by institutional investors.

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.

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