IDEAYA Biosciences (NASDAQ:IDYA) Shares Gap Up - Time to Buy?

Key Points

• IDEAYA Biosciences (NASDAQ:IDYA) saw its shares open higher at $26.00, up from a previous close of $24.55, with a recent trading volume of 228,112 shares.
• Recent analyst upgrades include Royal Bank of Canada raising their rating to "moderate buy" with a price target of $30.00, while Wells Fargo set a target of $44.00.
• The company reported a quarterly EPS of ($0.88), missing expectations, but with revenues of $6.00 million outperforming analyst estimates of $3.48 million.

Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $24.55, but opened at $26.00. IDEAYA Biosciences shares last traded at $25.21, with a volume of 228,112 shares.

Wall Street Analysts Forecast Growth

IDYA has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their price target on shares of IDEAYA Biosciences from $72.00 to $74.00 and gave the stock an "overweight" rating in a research note on Wednesday. Royal Bank Of Canada raised shares of IDEAYA Biosciences from an "outperform" rating to a "moderate buy" rating and cut their price target for the stock from $57.00 to $30.00 in a research note on Wednesday, July 9th. Barclays assumed coverage on shares of IDEAYA Biosciences in a research note on Thursday. They issued an "overweight" rating and a $40.00 price target for the company. Wells Fargo & Company assumed coverage on shares of IDEAYA Biosciences in a research note on Thursday, June 26th. They set an "overweight" rating and a $44.00 price target on the stock. Finally, Citigroup started coverage on shares of IDEAYA Biosciences in a research note on Thursday. They set an "outperform" rating on the stock. Twelve research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, IDEAYA Biosciences presently has an average rating of "Moderate Buy" and a consensus target price of $45.77.

IDEAYA Biosciences Price Performance

The stock has a market cap of $2.38 billion, a PE ratio of -7.17 and a beta of 0.12. The business has a 50 day moving average price of $23.66 and a two-hundred day moving average price of $20.64.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last released 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 firm had revenue of $6.00 million during the quarter, compared to analysts' expectations of $3.48 million. The business's revenue for the quarter was up NaN% on a year-over-year basis. During the same period in the previous year, the business posted ($0.68) earnings per share. On average, sell-side analysts forecast that IDEAYA Biosciences, Inc. will post -3.07 earnings per share for the current fiscal year.

Institutional Trading of IDEAYA Biosciences

Institutional investors have recently made changes to their positions in the stock. GF Fund Management CO. LTD. purchased a new stake in shares of IDEAYA Biosciences during the fourth quarter valued at approximately $47,000. CWM LLC increased its stake in shares of IDEAYA Biosciences by 325.7% during the first quarter. CWM LLC now owns 2,371 shares of the company's stock valued at $39,000 after buying an additional 1,814 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of IDEAYA Biosciences by 180.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,404 shares of the company's stock valued at $39,000 after buying an additional 1,546 shares during the period. Signaturefd LLC increased its stake in shares of IDEAYA Biosciences by 374.8% during the first quarter. Signaturefd LLC now owns 2,877 shares of the company's stock valued at $47,000 after buying an additional 2,271 shares during the period. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of IDEAYA Biosciences during the second quarter valued at approximately $61,000. Hedge funds and other institutional investors own 98.29% of the company's stock.

About IDEAYA Biosciences

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.