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

Key Points

• Shares gapped up — IDEAYA opened at $34.92 after a $30.50 close and was last trading around $36.48 on heavy volume (~3.99M), with a market cap of about $2.85B and 50-/200-day moving averages near $32.5.
• Analyst sentiment is positive — the consensus is a "Moderate Buy" with an average price target of $48.69 (15 Buys, 1 Hold, 1 Sell), and firms like Truist and Citigroup recently raised price targets to $60 and $65 respectively.
• Recent fundamentals and insider activity — the company beat quarterly expectations (EPS -$0.94 vs -$1.03 est.; revenue $10.88M, +55.7% y/y), and Director Jeffrey Stein purchased 50,000 shares at $32.96; insiders own ~2.5% of the stock.

IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $30.50, but opened at $34.92. IDEAYA Biosciences shares last traded at $36.4770, with a volume of 3,993,533 shares changing hands.

Wall Street Analyst Weigh In

IDYA has been the subject of several analyst reports. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of IDEAYA Biosciences in a report on Wednesday, February 18th. Truist Financial lifted their price objective on IDEAYA Biosciences from $59.00 to $60.00 and gave the company a "buy" rating in a report on Tuesday, January 6th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of IDEAYA Biosciences in a report on Thursday, January 22nd. Citigroup lifted their price objective on IDEAYA Biosciences from $64.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, February 19th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $52.00 price objective on shares of IDEAYA Biosciences in a report on Tuesday, March 31st. Fifteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $48.69.

IDEAYA Biosciences Trading Up 6.5%

The company has a 50 day moving average price of $32.44 and a 200-day moving average price of $32.53. The company has a market cap of $2.85 billion, a P/E ratio of -24.82 and a beta of 0.02.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last issued its quarterly earnings results on Tuesday, February 17th. The company reported ($0.94) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.03) by $0.09. The business had revenue of $10.88 million during the quarter, compared to the consensus estimate of $5.95 million. During the same quarter in the previous year, the business posted ($1.49) EPS. The company's revenue for the quarter was up 55.7% on a year-over-year basis. Equities analysts expect that IDEAYA Biosciences, Inc. will post -3.07 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Jeffrey Stein bought 50,000 shares of the business's stock in a transaction on Monday, March 2nd. The shares were purchased at an average price of $32.96 per share, for a total transaction of $1,648,000.00. Following the completion of the transaction, the director directly owned 54,281 shares of the company's stock, valued at approximately $1,789,101.76. This represents a 1,167.95% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 2.50% of the stock is owned by corporate insiders.

Institutional Trading of IDEAYA Biosciences

A number of hedge funds have recently added to or reduced their stakes in IDYA. Farther Finance Advisors LLC grew its position in IDEAYA Biosciences by 171.1% during the 4th quarter. Farther Finance Advisors LLC now owns 919 shares of the company's stock worth $32,000 after acquiring an additional 580 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in IDEAYA Biosciences during the 3rd quarter worth $38,000. ANTIPODES PARTNERS Ltd grew its position in IDEAYA Biosciences by 49.4% during the 4th quarter. ANTIPODES PARTNERS Ltd now owns 1,150 shares of the company's stock worth $40,000 after acquiring an additional 380 shares during the last quarter. Abich Financial Wealth Management LLC bought a new stake in IDEAYA Biosciences during the 3rd quarter worth $58,000. Finally, Global Retirement Partners LLC bought a new stake in IDEAYA Biosciences during the 4th quarter worth $61,000. Institutional investors and hedge funds own 98.29% of the company's stock.

IDEAYA Biosciences Company Profile

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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