Guggenheim Begins Coverage on IDEAYA Biosciences (NASDAQ:IDYA)

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.

Guggenheim started coverage on shares of IDEAYA Biosciences (NASDAQ:IDYA - Free Report) in a research note released on Thursday, Marketbeat Ratings reports. The firm issued a buy rating and a $50.00 price target on the stock.

IDYA has been the subject of several other reports. Oppenheimer set a $36.00 target price on IDEAYA Biosciences and gave the stock an "outperform" rating in a research note on Monday, September 8th. Citigroup reaffirmed a "buy" rating on shares of IDEAYA Biosciences in a report on Tuesday, September 9th. Royal Bank Of Canada lifted their price objective on IDEAYA Biosciences from $36.00 to $38.00 and gave the company an "outperform" rating in a research report on Tuesday, September 9th. Citizens Jmp started coverage on IDEAYA Biosciences in a research note on Thursday, September 4th. They issued a "mkt outperform" rating and a $41.00 price objective for the company. Finally, TD Cowen started coverage on shares of IDEAYA Biosciences in a research note on Tuesday, July 22nd. They issued a "buy" rating for the company. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, IDEAYA Biosciences has an average rating of "Moderate Buy" and a consensus price target of $43.36.

IDEAYA Biosciences Stock Performance

NASDAQ IDYA traded up $0.23 during trading hours on Thursday, reaching $25.97. The company's stock had a trading volume of 402,223 shares, compared to its average volume of 1,151,985. The stock has a market cap of $2.28 billion, a PE ratio of -6.86 and a beta of 0.12. IDEAYA Biosciences has a fifty-two week low of $13.45 and a fifty-two week high of $36.64. The company's 50-day moving average is $24.24 and its two-hundred day moving average is $20.95.

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 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. The firm's quarterly revenue was up NaN% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.68) EPS. Equities analysts expect that IDEAYA Biosciences will post -3.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IDEAYA Biosciences

A number of hedge funds have recently added to or reduced their stakes in the business. Osaic Holdings Inc. increased its stake in IDEAYA Biosciences by 59.1% in the 2nd quarter. Osaic Holdings Inc. now owns 7,443 shares of the company's stock worth $148,000 after acquiring an additional 2,764 shares during the last quarter. Orion Porfolio Solutions LLC increased its position in IDEAYA Biosciences by 23.6% in the second quarter. Orion Porfolio Solutions LLC now owns 44,625 shares of the company's stock worth $938,000 after buying an additional 8,514 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in shares of IDEAYA Biosciences by 10.2% in the second quarter. CANADA LIFE ASSURANCE Co now owns 17,416 shares of the company's stock valued at $367,000 after acquiring an additional 1,609 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of IDEAYA Biosciences by 677.3% in the second quarter. Tower Research Capital LLC TRC now owns 9,538 shares of the company's stock valued at $200,000 after acquiring an additional 8,311 shares in the last quarter. Finally, E Fund Management Co. Ltd. lifted its position in shares of IDEAYA Biosciences by 7.8% in the second quarter. E Fund Management Co. Ltd. now owns 12,225 shares of the company's stock worth $257,000 after buying an additional 881 shares in the last quarter. 98.29% of the stock is currently owned by institutional investors.

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.