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 raised by analysts at JPMorgan Chase & Co. from $72.00 to $74.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential upside of 187.71% from the stock's previous close.

A number of other equities analysts have also recently weighed in on the company. The Goldman Sachs Group raised 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 upgraded IDEAYA Biosciences from an "outperform" rating to a "moderate buy" rating and decreased their price objective for the stock from $57.00 to $30.00 in a research report on Wednesday, July 9th. Wells Fargo & Company started 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. Finally, TD Cowen started coverage on IDEAYA Biosciences in a report on Tuesday, July 22nd. They set a "buy" rating for the company. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $47.30.

IDEAYA Biosciences Stock Performance

IDYA traded up $0.24 during trading on Wednesday, reaching $25.72. The company had a trading volume of 583,139 shares, compared to its average volume of 1,129,513. The firm's 50-day simple moving average is $23.40 and its 200 day simple moving average is $20.52. The company has a market cap of $2.25 billion, a price-to-earnings ratio of -6.79 and a beta of 0.12. IDEAYA Biosciences has a 12-month low of $13.45 and a 12-month high of $39.30.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last issued its quarterly earnings results 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 analysts' expectations 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 company earned ($0.68) earnings per share. On average, sell-side analysts expect that IDEAYA Biosciences will post -3.07 EPS for the current year.

Institutional Investors Weigh In On IDEAYA Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. bought a new position in IDEAYA Biosciences in the 4th quarter worth approximately $431,000. AXA S.A. increased its position in IDEAYA Biosciences by 20.1% in the 4th quarter. AXA S.A. now owns 249,702 shares of the company's stock worth $6,417,000 after buying an additional 41,722 shares during the period. Ameriprise Financial Inc. increased its position in shares of IDEAYA Biosciences by 3.6% during the fourth quarter. Ameriprise Financial Inc. now owns 288,002 shares of the company's stock valued at $7,401,000 after purchasing an additional 10,072 shares during the period. BNP Paribas Financial Markets increased its position in shares of IDEAYA Biosciences by 37.5% during the fourth quarter. BNP Paribas Financial Markets now owns 38,692 shares of the company's stock valued at $994,000 after purchasing an additional 10,543 shares during the period. Finally, Bank of America Corp DE increased its position in shares of IDEAYA Biosciences by 5.9% during the fourth quarter. Bank of America Corp DE now owns 747,934 shares of the company's stock valued at $19,222,000 after purchasing an additional 41,390 shares during the period. 98.29% of the stock is currently 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.

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