IDEAYA Biosciences (NASDAQ:IDYA) Given New $59.00 Price Target at Truist Financial

Key Points

• Truist Financial cut its price target for IDEAYA Biosciences from $63 to $59 while maintaining a “Buy” rating, implying about 62% upside from the stock’s $36.34 price.
• Analyst sentiment remains positive: 14 analysts rate the stock a Buy, one rates it Hold and one Sell, producing a “Moderate Buy” consensus with an average price target of $50.12.
• IDEAYA reported quarterly revenue of $8.86 million, beating estimates and rising sharply year over year, but its loss of $1.22 per share was wider than the expected $1.06 loss.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) had its target price reduced by Truist Financial from $63.00 to $59.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price target points to a potential upside of 62.36% from the stock's current price.

IDYA has been the subject of a number of other research reports. Wall Street Zen raised shares of IDEAYA Biosciences from a "sell" rating to a "hold" rating in a research report on Saturday, June 13th. Citigroup reissued a "market outperform" rating on shares of IDEAYA Biosciences in a research report on Tuesday, June 2nd. Cantor Fitzgerald reiterated an "overweight" rating on shares of IDEAYA Biosciences in a research note on Friday, May 22nd. Wells Fargo & Company increased their price target on IDEAYA Biosciences from $44.00 to $48.00 and gave the company an "overweight" rating in a research note on Tuesday, April 14th. Finally, The Goldman Sachs Group lifted their price objective on shares of IDEAYA Biosciences from $31.00 to $35.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 14th. Fourteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $50.12.

IDEAYA Biosciences Price Performance

IDYA stock traded up $0.23 during mid-day trading on Wednesday, reaching $36.34. The company had a trading volume of 416,826 shares, compared to its average volume of 1,105,542. IDEAYA Biosciences has a 52 week low of $22.09 and a 52 week high of $40.58. The company has a market capitalization of $3.19 billion, a price-to-earnings ratio of -22.72 and a beta of -0.10. The stock has a 50 day simple moving average of $33.95 and a two-hundred day simple moving average of $32.65.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last released its earnings results on Monday, August 10th. The company reported ($1.22) earnings per share for the quarter, missing the consensus estimate of ($1.06) by ($0.16). The company had revenue of $8.86 million for the quarter, compared to analyst estimates of $8.02 million. The company's quarterly revenue was up 8800.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.88) earnings per share. On average, equities analysts predict that IDEAYA Biosciences will post -4.1 EPS for the current year.

Insider Activity at IDEAYA Biosciences

In related news, CAO Briseno Andres Ruiz sold 9,550 shares of the firm's stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $40.01, for a total value of $382,095.50. Following the transaction, the chief accounting officer owned 26,466 shares of the company's stock, valued at approximately $1,058,904.66. This trade represents a 26.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.70% of the stock is currently owned by insiders.

Institutional Trading of IDEAYA Biosciences

A number of institutional investors have recently modified their holdings of IDYA. ANTIPODES PARTNERS Ltd grew its holdings in shares of IDEAYA Biosciences by 49.4% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 1,150 shares of the company's stock worth $40,000 after purchasing an additional 380 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in IDEAYA Biosciences by 16.1% during the second quarter. Daiwa Securities Group Inc. now owns 3,141 shares of the company's stock worth $66,000 after purchasing an additional 436 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of IDEAYA Biosciences by 5.2% in the 4th quarter. Russell Investments Group Ltd. now owns 9,683 shares of the company's stock worth $335,000 after purchasing an additional 476 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of IDEAYA Biosciences by 171.1% during the 4th quarter. Farther Finance Advisors LLC now owns 919 shares of the company's stock valued at $32,000 after purchasing an additional 580 shares during the last quarter. Finally, Versant Capital Management Inc raised its holdings in shares of IDEAYA Biosciences by 26.7% during the 2nd quarter. Versant Capital Management Inc now owns 2,825 shares of the company's stock valued at $105,000 after buying an additional 596 shares in the last quarter. 98.29% of the stock is currently owned by hedge funds and other institutional investors.

About IDEAYA Biosciences

IDEAYA Biosciences is a clinical-stage precision oncology company dedicated to the discovery and development of novel therapies that exploit synthetic lethality in cancer cells. By targeting key DNA damage response pathways, the company aims to selectively kill tumor cells exhibiting specific genetic vulnerabilities while sparing healthy tissue. IDEAYA's pipeline includes small-molecule inhibitors designed to address underserved tumor types, and its lead programs are advancing through Phase 1 and Phase 2 clinical trials in multiple oncology indications.

Central to IDEAYA's approach is its Modular Approach to Precision (MAP) platform, which integrates proprietary genomic and functional screening technologies to identify critical cancer-specific dependencies.

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