Royal Bank Of Canada Forecasts Strong Price Appreciation for IDEAYA Biosciences (NASDAQ:IDYA) Stock

Key Points

• Royal Bank Of Canada has raised its price target for IDEAYA Biosciences from $36.00 to $38.00, suggesting a potential upside of 58.61% from the previous close.
• Several research analysts have recently rated IDEAYA, with a consensus rating of "Moderate Buy" and a average price target of $46.00.
• IDEAYA Biosciences reported earnings with a loss of ($0.88) EPS, missing the consensus estimate, but exceeding revenue expectations with $6.00 million for the quarter.

IDEAYA Biosciences (NASDAQ:IDYA - Free Report) had its price objective upped by Royal Bank Of Canada from $36.00 to $38.00 in a research note released on Tuesday, Marketbeat.com reports. The firm currently has an outperform rating on the stock.

A number of other research analysts have also commented on the company. Barclays assumed coverage on IDEAYA Biosciences in a report on Thursday, September 4th. They issued an "overweight" rating and a $40.00 price objective on the stock. Stephens reaffirmed an "overweight" rating and issued a $45.00 price objective on shares of IDEAYA Biosciences in a report on Tuesday, September 9th. Citizens Jmp assumed coverage on IDEAYA Biosciences in a report on Thursday, September 4th. They issued a "mkt outperform" rating and a $41.00 price objective on the stock. TD Cowen assumed coverage on IDEAYA Biosciences in a report on Tuesday, July 22nd. They issued a "buy" rating on the stock. Finally, JPMorgan Chase & Co. upped their price objective on IDEAYA Biosciences from $72.00 to $74.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Thirteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, IDEAYA Biosciences currently has a consensus rating of "Moderate Buy" and an average price target of $42.85.

IDEAYA Biosciences Stock Performance

IDYA traded down $0.32 during trading hours on Tuesday, reaching $24.61. The company's stock had a trading volume of 1,047,343 shares, compared to its average volume of 1,194,808. IDEAYA Biosciences has a 52 week low of $13.45 and a 52 week high of $37.80. The company's 50-day moving average is $23.94 and its 200-day moving average is $20.75. The firm has a market cap of $2.16 billion, a PE ratio of -6.49 and a beta of 0.12.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last posted its quarterly earnings results 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 during the quarter, compared to analyst estimates of $3.48 million. During the same quarter in the previous year, the business posted ($0.68) EPS. The company's revenue for the quarter was up NaN% compared to the same quarter last year. Equities analysts anticipate that IDEAYA Biosciences will post -3.07 earnings per share for the current fiscal year.

Institutional Trading of IDEAYA Biosciences

Several large investors have recently modified their holdings of the stock. Daiwa Securities Group Inc. grew its holdings in shares of IDEAYA Biosciences by 16.1% during the 2nd quarter. Daiwa Securities Group Inc. now owns 3,141 shares of the company's stock worth $66,000 after purchasing an additional 436 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of IDEAYA Biosciences by 9.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 7,483 shares of the company's stock worth $123,000 after purchasing an additional 627 shares in the last quarter. CWM LLC grew its holdings in shares of IDEAYA Biosciences by 33.0% during the 2nd quarter. CWM LLC now owns 3,153 shares of the company's stock worth $66,000 after purchasing an additional 782 shares in the last quarter. E Fund Management Co. Ltd. grew its holdings in shares of IDEAYA Biosciences by 7.8% during the 2nd quarter. E Fund Management Co. Ltd. now owns 12,225 shares of the company's stock worth $257,000 after purchasing an additional 881 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of IDEAYA Biosciences by 39.1% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,344 shares of the company's stock worth $70,000 after purchasing an additional 940 shares in the last quarter. 98.29% of the stock is owned by institutional investors and hedge funds.

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.