IDEAYA Biosciences (NASDAQ:IDYA) Shares Down 6.4% - Should You Sell?

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.

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

Analysts Set New Price Targets

Several research firms have weighed in on IDYA. JMP Securities began coverage on IDEAYA Biosciences in a report on Thursday, September 4th. They issued a "market outperform" rating and a $41.00 price objective for the company. JPMorgan Chase & Co. raised their target price on IDEAYA Biosciences from $72.00 to $74.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. TD Cowen initiated coverage on IDEAYA Biosciences in a research note on Tuesday, July 22nd. They issued a "buy" rating for the company. Cantor Fitzgerald restated an "overweight" rating on shares of IDEAYA Biosciences in a research note on Tuesday. Finally, The Goldman Sachs Group upgraded IDEAYA Biosciences to a "hold" rating and set a $25.00 target price for the company in a research note on Thursday, July 10th. Thirteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $42.85.

IDEAYA Biosciences Stock Performance

The company has a market cap of $2.16 billion, a P/E ratio of -6.49 and a beta of 0.12. The stock has a 50-day moving average of $23.94 and a two-hundred day moving average of $20.75.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last posted 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 company had revenue of $6.00 million during the quarter, compared to the consensus estimate of $3.48 million. During the same period in the previous year, the business posted ($0.68) earnings per share. The firm's quarterly revenue was up NaN% compared to the same quarter last year. Research analysts predict that IDEAYA Biosciences, Inc. will post -3.07 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. increased its position in IDEAYA Biosciences by 16.1% during the 2nd quarter. Daiwa Securities Group Inc. now owns 3,141 shares of the company's stock valued at $66,000 after buying an additional 436 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of IDEAYA Biosciences by 9.1% in 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 increased its holdings in shares of IDEAYA Biosciences by 33.0% in 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. increased its holdings in shares of IDEAYA Biosciences by 7.8% in 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. increased its holdings in shares of IDEAYA Biosciences by 39.1% in 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. Institutional investors own 98.29% of the company's stock.

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.