IDEAYA Biosciences (NASDAQ:IDYA) Trading 5.6% Higher Following Analyst Upgrade

Key Points

• IDEAYA Biosciences' stock rose by 5.6% after Royal Bank Of Canada raised its price target from $36.00 to $38.00, maintaining an outperform rating.
• The stock has a consensus rating of "Moderate Buy" from analysts, with a target price averaging $46.00.
• Despite reporting a quarterly loss of ($0.88) EPS, IDEAYA's revenue surpassed expectations, reaching $6.00 million compared to the expected $3.48 million.

IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Get Free Report) was up 5.6% during mid-day trading on Tuesday after Royal Bank Of Canada raised their price target on the stock from $36.00 to $38.00. Royal Bank Of Canada currently has an outperform rating on the stock. IDEAYA Biosciences traded as high as $24.68 and last traded at $24.70. Approximately 696,430 shares traded hands during trading, a decline of 39% from the average daily volume of 1,147,566 shares. The stock had previously closed at $23.39.

Other equities analysts also recently issued research reports about the stock. TD Cowen began coverage on shares of IDEAYA Biosciences in a research note on Tuesday, July 22nd. They issued a "buy" rating for the company. Cantor Fitzgerald restated an "overweight" rating on shares of IDEAYA Biosciences in a report on Tuesday. JPMorgan Chase & Co. boosted their price objective 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. Citizens Jmp started 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. Finally, Citigroup initiated coverage on shares of IDEAYA Biosciences in a report on Thursday, September 4th. They issued an "outperform" rating for the company. Thirteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, IDEAYA Biosciences has a consensus rating of "Moderate Buy" and a consensus target price of $46.00.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. increased its position in IDEAYA Biosciences by 59.1% during the 2nd quarter. Osaic Holdings Inc. now owns 7,443 shares of the company's stock valued at $148,000 after purchasing an additional 2,764 shares during the period. Orion Porfolio Solutions LLC grew its position in shares of IDEAYA Biosciences by 23.6% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 44,625 shares of the company's stock worth $938,000 after buying an additional 8,514 shares during the period. CANADA LIFE ASSURANCE Co grew its position in shares of IDEAYA Biosciences by 10.2% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 17,416 shares of the company's stock worth $367,000 after buying an additional 1,609 shares during the period. Tower Research Capital LLC TRC grew its position in shares of IDEAYA Biosciences by 677.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,538 shares of the company's stock worth $200,000 after buying an additional 8,311 shares during the period. Finally, E Fund Management Co. Ltd. boosted its stake in IDEAYA Biosciences by 7.8% in the 2nd quarter. E Fund Management Co. Ltd. now owns 12,225 shares of the company's stock worth $257,000 after purchasing an additional 881 shares in the last quarter. 98.29% of the stock is owned by hedge funds and other institutional investors.

IDEAYA Biosciences Trading Up 5.7%

The firm has a market cap of $2.17 billion, a P/E ratio of -6.53 and a beta of 0.12. The company's 50 day simple moving average is $23.71 and its 200-day simple moving average is $20.64.

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

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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