IDEAYA Biosciences (NASDAQ:IDYA) Stock Price Down 6.4% - What's Next?

Key Points

• IDEAYA Biosciences shares fell by 6.4%, trading at $25.43 after reaching a low of $25.45, with a trading volume of 419,415 shares, significantly below the average.
• Analysts have set target prices for IDEAYA ranging from $41.00 to $74.00, with a consensus rating of "Moderate Buy" based on the majority of analysts rating it as Buy or Outperform.
• The company reported a loss of ($0.88) earnings per share in its last quarterly earnings, missing estimates slightly, but achieving revenue of $6.00 million, exceeding expectations of $3.48 million.

Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Get Free Report) were down 6.4% during trading on Monday . The stock traded as low as $25.45 and last traded at $25.43. Approximately 419,415 shares traded hands during trading, a decline of 63% from the average daily volume of 1,134,234 shares. The stock had previously closed at $27.16.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of IDEAYA Biosciences from $72.00 to $74.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Citigroup began coverage on IDEAYA Biosciences in a research note on Thursday. They set an "outperform" rating on the stock. Wells Fargo & Company assumed coverage on IDEAYA Biosciences in a report on Thursday, June 26th. They set an "overweight" rating and a $44.00 target price for the company. JMP Securities began coverage on IDEAYA Biosciences in a research report on Thursday. They issued a "market outperform" rating and a $41.00 price objective for the company. Finally, TD Cowen started coverage on shares of IDEAYA Biosciences in a research note on Tuesday, July 22nd. They set a "buy" rating for the company. Twelve analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $45.77.

IDEAYA Biosciences Stock Performance

The stock has a market cap of $2.08 billion, a P/E ratio of -6.35 and a beta of 0.12. The company has a 50-day simple moving average of $23.66 and a 200-day simple moving average of $20.63.

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 (EPS) for the quarter, missing the consensus estimate of ($0.85) by ($0.03). The business had revenue of $6.00 million during the quarter, compared to analysts' expectations of $3.48 million. The firm's revenue for the quarter was up NaN% on a year-over-year basis. During the same quarter last year, the company earned ($0.68) EPS. As a group, sell-side analysts expect that IDEAYA Biosciences, Inc. will post -3.07 earnings per share for the current fiscal year.

Institutional Trading of IDEAYA Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. Janus Henderson Group PLC raised its holdings in shares of IDEAYA Biosciences by 13.5% in the 4th quarter. Janus Henderson Group PLC now owns 5,857,639 shares of the company's stock valued at $150,606,000 after purchasing an additional 695,263 shares in the last quarter. Millennium Management LLC lifted its position in shares of IDEAYA Biosciences by 345.2% during the 1st quarter. Millennium Management LLC now owns 547,637 shares of the company's stock worth $8,970,000 after buying an additional 424,625 shares during the last quarter. Ensign Peak Advisors Inc increased its stake in IDEAYA Biosciences by 126.4% in the 2nd quarter. Ensign Peak Advisors Inc now owns 741,833 shares of the company's stock valued at $15,593,000 after buying an additional 414,189 shares during the period. MPM Bioimpact LLC purchased a new stake in shares of IDEAYA Biosciences in the 4th quarter worth about $10,641,000. Finally, Fiera Capital Corp lifted its holdings in shares of IDEAYA Biosciences by 26.6% during the 2nd quarter. Fiera Capital Corp now owns 1,532,269 shares of the company's stock worth $32,208,000 after acquiring an additional 322,404 shares during the period. 98.29% of the stock is currently owned by institutional investors.

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.

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.