JPMorgan Chase & Co. Raises IDEAYA Biosciences (NASDAQ:IDYA) Price Target to $72.00

Key Points

• JPMorgan Chase & Co. has increased its target price for IDEAYA Biosciences from $66.00 to $72.00, suggesting a potential upside of 193.88% from the current share price.
• Several analysts have varying ratings for the stock with a consensus of moderate buy, highlighting a diverse perspective on IDEAYA's performance potential in the market.
• IDEAYA Biosciences recently reported a quarterly EPS of ($0.82), which was below the consensus estimate, indicating ongoing financial challenges as it develops targeted therapeutics.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) had its target price hoisted by investment analysts at JPMorgan Chase & Co. from $66.00 to $72.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 196.11% from the stock's current price.

Several other research firms have also weighed in on IDYA. Royal Bank Of Canada upgraded IDEAYA Biosciences from an "outperform" rating to a "moderate buy" rating and dropped their price target for the company from $57.00 to $30.00 in a research report on Wednesday, July 9th. Wells Fargo & Company assumed coverage on IDEAYA Biosciences in a research report on Thursday, June 26th. They set an "overweight" rating and a $44.00 price objective for the company. TD Cowen initiated coverage on IDEAYA Biosciences in a research note on Tuesday, July 22nd. They issued a "buy" rating for the company. Finally, The Goldman Sachs Group upgraded IDEAYA Biosciences to a "hold" rating and set a $25.00 price objective on the stock in a research report on Thursday, July 10th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.09.

IDEAYA Biosciences Price Performance

Shares of IDEAYA Biosciences stock traded down $1.04 during midday trading on Monday, reaching $24.32. The company had a trading volume of 487,454 shares, compared to its average volume of 1,159,908. IDEAYA Biosciences has a fifty-two week low of $13.45 and a fifty-two week high of $44.42. The stock has a fifty day moving average price of $21.85 and a 200 day moving average price of $20.33. The firm has a market cap of $2.13 billion, a PE ratio of -6.80 and a beta of 0.03.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.75) by ($0.07). During the same quarter in the previous year, the company posted ($0.53) earnings per share. As a group, sell-side analysts forecast that IDEAYA Biosciences will post -3.07 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted 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 buying an additional 627 shares during the period. CWM LLC grew its position 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 buying an additional 782 shares during the period. Mariner LLC grew its position in shares of IDEAYA Biosciences by 9.8% during the 4th quarter. Mariner LLC now owns 9,775 shares of the company's stock worth $251,000 after buying an additional 869 shares during the period. Swiss National Bank boosted its stake in IDEAYA Biosciences by 0.8% during the 1st quarter. Swiss National Bank now owns 150,800 shares of the company's stock worth $2,470,000 after acquiring an additional 1,200 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in IDEAYA Biosciences by 6.0% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,301 shares of the company's stock worth $349,000 after acquiring an additional 1,214 shares during 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.