IDEAYA Biosciences (NASDAQ:IDYA) Issues Quarterly Earnings Results, Misses Estimates By $0.03 EPS

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) issued its quarterly earnings results on Tuesday. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.85) by ($0.03), Zacks reports. The company had revenue of $6.00 million during the quarter, compared to analysts' expectations of $3.48 million. During the same quarter last year, the company earned ($0.68) EPS. The firm's revenue for the quarter was up NaN% on a year-over-year basis.

IDEAYA Biosciences Price Performance

Shares of IDYA stock traded down $1.05 during trading hours on Tuesday, reaching $23.95. The company had a trading volume of 755,428 shares, compared to its average volume of 1,158,610. The company has a 50 day moving average of $22.19 and a 200 day moving average of $20.33. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of -6.61 and a beta of 0.09. IDEAYA Biosciences has a 1-year low of $13.45 and a 1-year high of $40.74.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in IDYA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of IDEAYA Biosciences by 8.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,044 shares of the company's stock valued at $938,000 after purchasing an additional 4,308 shares during the period. Royal Bank of Canada increased its position in shares of IDEAYA Biosciences by 30.1% in the 1st 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 increased its position in shares of IDEAYA Biosciences by 345.2% in the 1st 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. Institutional investors and hedge funds own 98.29% of the company's stock.

Analyst Upgrades and Downgrades

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.