IDEAYA Biosciences (NASDAQ:IDYA) Announces Quarterly Earnings Results

Key Points

• IDEAYA Biosciences reported a quarterly earnings loss of ($0.88) EPS, missing expectations by $0.03 EPS, although revenue reached $6.00 million, surpassing forecasts of $3.48 million.
• Shares of IDEAYA traded down $1.05 to $23.95, with institutional investors holding 98.29% of the company's stock.
• Analysts have a consensus rating of "Moderate Buy" for IDEAYA, with target prices ranging from $25.00 to $72.00.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) released its quarterly earnings data on Tuesday. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.85) by ($0.03), Zacks reports. The firm had revenue of $6.00 million during 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 period in the previous year, the company posted ($0.68) earnings per share.

IDEAYA Biosciences Stock Performance

Shares of NASDAQ:IDYA traded up $0.69 during midday trading on Friday, hitting $23.10. 849,957 shares of the stock were exchanged, compared to its average volume of 1,056,435. IDEAYA Biosciences has a 52-week low of $13.45 and a 52-week high of $40.74. The business's fifty day simple moving average is $22.48 and its two-hundred day simple moving average is $20.36. The company has a market capitalization of $2.02 billion, a PE ratio of -6.09 and a beta of 0.09.

Wall Street Analyst Weigh In

IDYA has been the subject of several research reports. TD Cowen started coverage on IDEAYA Biosciences in a research note on Tuesday, July 22nd. They set a "buy" rating for the company. Wells Fargo & Company started coverage on IDEAYA Biosciences in a research report on Thursday, June 26th. They issued an "overweight" rating and a $44.00 target price for the company. JPMorgan Chase & Co. raised their target price on IDEAYA Biosciences from $66.00 to $72.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Royal Bank Of Canada raised IDEAYA Biosciences from an "outperform" rating to a "moderate buy" rating and decreased their target price for the stock from $57.00 to $30.00 in a research report on Wednesday, July 9th. Finally, The Goldman Sachs Group raised IDEAYA Biosciences to a "hold" rating and set a $25.00 target price for the company in a research report on Thursday, July 10th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, IDEAYA Biosciences has an average rating of "Moderate Buy" and an average target price of $48.09.

Institutional Trading of IDEAYA Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in IDEAYA Biosciences by 8.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,044 shares of the company's stock valued at $938,000 after buying an additional 4,308 shares in the last quarter. Royal Bank of Canada raised its holdings in IDEAYA Biosciences by 30.1% during the first quarter. Royal Bank of Canada now owns 122,460 shares of the company's stock valued at $2,006,000 after buying an additional 28,322 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in IDEAYA Biosciences by 345.2% during the first quarter. Millennium Management LLC now owns 547,637 shares of the company's stock valued at $8,970,000 after buying an additional 424,625 shares in the last quarter. 98.29% of the stock is currently owned by hedge funds and other 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.