IDEAYA Biosciences (NASDAQ:IDYA) Stock Rating Upgraded by Wall Street Zen

Key Points

• IDEAYA Biosciences has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, reflecting a positive shift in analyst sentiment.
• Despite a loss per share of $0.88 for the last quarter, the company exceeded revenue expectations, reporting $6 million compared to the anticipated $3.48 million.
• With a market capitalization of $2.42 billion, IDEAYA currently has a consensus price target of $43.36, indicating a moderate buy rating from analysts.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Friday.

A number of other equities analysts have also issued reports on the company. Citigroup reissued a "buy" rating on shares of IDEAYA Biosciences in a report on Tuesday, September 9th. JPMorgan Chase & Co. boosted their price target on IDEAYA Biosciences from $72.00 to $74.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. Royal Bank Of Canada increased their price target on IDEAYA Biosciences from $36.00 to $38.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 9th. Mizuho raised their price target on IDEAYA Biosciences from $43.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, September 12th. Finally, Citizens Jmp began coverage on shares of IDEAYA Biosciences in a report on Thursday, September 4th. They issued a "mkt outperform" rating and a $41.00 price objective for the company. Fourteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $43.36.

IDEAYA Biosciences Price Performance

Shares of IDYA stock traded up $0.44 during trading hours on Friday, reaching $27.64. The stock had a trading volume of 1,310,737 shares, compared to its average volume of 1,407,500. The firm has a market capitalization of $2.42 billion, a PE ratio of -7.29 and a beta of 0.14. The firm has a 50-day simple moving average of $25.04 and a 200-day simple moving average of $21.48. IDEAYA Biosciences has a twelve month low of $13.45 and a twelve month high of $32.67.

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

Hedge Funds Weigh In On IDEAYA Biosciences

Several large investors have recently made changes to their positions in IDYA. CWM LLC raised its holdings in shares of IDEAYA Biosciences by 325.7% in the 1st quarter. CWM LLC now owns 2,371 shares of the company's stock worth $39,000 after purchasing an additional 1,814 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of IDEAYA Biosciences by 180.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,404 shares of the company's stock valued at $39,000 after buying an additional 1,546 shares in the last quarter. Signaturefd LLC increased its holdings in shares of IDEAYA Biosciences by 374.8% in the first quarter. Signaturefd LLC now owns 2,877 shares of the company's stock valued at $47,000 after buying an additional 2,271 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in shares of IDEAYA Biosciences during the 2nd quarter valued at $61,000. Finally, 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 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.

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