IDEAYA Biosciences (NASDAQ:IDYA) Stock Price Up 9.1% - Time to Buy?

Key Points

• IDEAYA Biosciences' stock price increased by 9.1%, reaching a last trading price of $30.21, following a decline in share volume.
• Analysts have set new price targets for the stock, with estimates ranging from $43.00 to $74.00, and a consensus rating of "Moderate Buy."
• Institutional investors own 98.29% of IDEAYA's stock, indicating strong institutional support in the company.

IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Get Free Report) rose 9.1% during mid-day trading on Friday . The stock traded as high as $28.48 and last traded at $30.21. Approximately 959,986 shares changed hands during trading, a decline of 17% from the average daily volume of 1,161,964 shares. The stock had previously closed at $27.69.

Analysts Set New Price Targets

IDYA has been the subject of several analyst reports. Stephens restated an "overweight" rating and set a $45.00 price target on shares of IDEAYA Biosciences in a research report on Tuesday, September 9th. Citigroup restated a "buy" rating on shares of IDEAYA Biosciences in a research report on Tuesday, September 9th. JPMorgan Chase & Co. increased their target price on shares of IDEAYA Biosciences from $72.00 to $74.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Mizuho increased their target price on shares of IDEAYA Biosciences from $43.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, September 12th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of IDEAYA Biosciences in a report on Wednesday, October 8th. Fourteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, IDEAYA Biosciences currently has a consensus rating of "Moderate Buy" and an average price target of $43.36.

IDEAYA Biosciences Stock Performance

The business has a 50-day moving average price of $25.54 and a 200 day moving average price of $22.06. The stock has a market capitalization of $2.61 billion, a P/E ratio of -7.97 and a beta of 0.14.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last issued 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 firm had revenue of $6.00 million during the quarter, compared to analysts' expectations of $3.48 million. During the same quarter in the prior year, the company posted ($0.68) earnings per share. The firm's quarterly revenue was up NaN% on a year-over-year basis. As a group, research analysts forecast that IDEAYA Biosciences, Inc. will post -3.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IDEAYA Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in IDYA. Daiwa Securities Group Inc. boosted its stake in shares of IDEAYA Biosciences by 16.1% during the 2nd quarter. Daiwa Securities Group Inc. now owns 3,141 shares of the company's stock worth $66,000 after acquiring an additional 436 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake 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 valued at $123,000 after buying an additional 627 shares in the last quarter. CWM LLC lifted its stake in shares of IDEAYA Biosciences by 33.0% during the 2nd quarter. CWM LLC now owns 3,153 shares of the company's stock valued at $66,000 after buying an additional 782 shares in the last quarter. E Fund Management Co. Ltd. lifted its stake in shares of IDEAYA Biosciences by 7.8% during the 2nd quarter. E Fund Management Co. Ltd. now owns 12,225 shares of the company's stock valued at $257,000 after buying an additional 881 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of IDEAYA Biosciences by 39.1% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,344 shares of the company's stock valued at $70,000 after buying an additional 940 shares in 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.

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.