IDEAYA Biosciences (NASDAQ:IDYA) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase & Co. raised its price target for IDEAYA Biosciences from $72.00 to $74.00, suggesting a potential upside of 187.71%.
• The company has received ratings from multiple analysts, with an average rating of "Moderate Buy" and a consensus target price of $47.30.
• IDEAYA reported a quarterly loss of $0.88 per share, missing expectations, but generated revenue of $6.00 million, exceeding forecasts of $3.48 million.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) had its price objective boosted by JPMorgan Chase & Co. from $72.00 to $74.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 210.59% from the company's current price.

A number of other research firms also recently issued reports on IDYA. TD Cowen assumed coverage on shares of IDEAYA Biosciences in a research note on Tuesday, July 22nd. They set a "buy" rating on the stock. The Goldman Sachs Group raised shares of IDEAYA Biosciences to a "hold" rating and set a $25.00 price target on the stock in a research note on Thursday, July 10th. Royal Bank Of Canada raised shares of IDEAYA Biosciences from an "outperform" rating to a "moderate buy" rating and lowered their price target for the company from $57.00 to $30.00 in a research report on Wednesday, July 9th. Finally, 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 target price on the stock. Twelve analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $45.77.

IDEAYA Biosciences Stock Performance

Shares of NASDAQ IDYA traded down $3.33 during trading on Wednesday, hitting $23.83. 1,525,309 shares of the company traded hands, compared to its average volume of 1,141,301. IDEAYA Biosciences has a fifty-two week low of $13.45 and a fifty-two week high of $37.80. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of -6.31 and a beta of 0.12. The business's fifty day moving average is $23.66 and its 200 day moving average is $20.63.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.88) EPS for the quarter, missing analysts' consensus estimates of ($0.85) by ($0.03). The company had revenue of $6.00 million for the quarter, compared to the consensus estimate of $3.48 million. The company's quarterly revenue was up NaN% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.68) EPS. On average, analysts predict that IDEAYA Biosciences will post -3.07 EPS for the current year.

Hedge Funds Weigh In On IDEAYA Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. raised its position in shares of IDEAYA Biosciences by 33.2% during the first quarter. Oppenheimer Asset Management Inc. now owns 11,560 shares of the company's stock worth $189,000 after acquiring an additional 2,884 shares during the last quarter. Rhumbline Advisers increased its stake in shares of IDEAYA Biosciences by 9.6% during the first quarter. Rhumbline Advisers now owns 124,437 shares of the company's stock worth $2,038,000 after purchasing an additional 10,876 shares during the period. Palumbo Wealth Management LLC increased its stake in shares of IDEAYA Biosciences by 65.8% during the first quarter. Palumbo Wealth Management LLC now owns 22,402 shares of the company's stock worth $367,000 after purchasing an additional 8,893 shares during the period. Swiss National Bank grew its position in IDEAYA Biosciences by 0.8% during the first quarter. Swiss National Bank now owns 150,800 shares of the company's stock worth $2,470,000 after buying an additional 1,200 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of IDEAYA Biosciences by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 5,092,619 shares of the company's stock valued at $83,417,000 after purchasing an additional 14,535 shares during the last quarter. 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.