IDEAYA Biosciences (NASDAQ:IDYA) Trading 5.6% Higher After 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.

Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Get Free Report) rose 5.6% during mid-day trading on Tuesday after Mizuho raised their price target on the stock from $43.00 to $44.00. Mizuho 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 were traded during mid-day 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 research analysts have also issued research reports about the company. The Goldman Sachs Group upgraded IDEAYA Biosciences to a "hold" rating and set a $25.00 target price for the company in a research note on Thursday, July 10th. Wells Fargo & Company initiated coverage on IDEAYA Biosciences in a research note on Thursday, June 26th. They issued an "overweight" rating and a $44.00 target price for the company. JMP Securities initiated coverage on IDEAYA Biosciences in a research note on Thursday, September 4th. They issued a "market outperform" rating and a $41.00 target price for the company. Oppenheimer set a $36.00 target price on IDEAYA Biosciences and gave the company an "outperform" rating in a research note on Monday, September 8th. Finally, Citigroup restated a "buy" rating on shares of IDEAYA Biosciences in a research note on Tuesday, September 9th. Thirteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, IDEAYA Biosciences has an average rating of "Moderate Buy" and a consensus target price of $42.85.

Institutional Investors Weigh In On IDEAYA Biosciences

Hedge funds have recently bought and sold shares of the business. CWM LLC lifted its holdings in IDEAYA Biosciences by 325.7% during the 1st quarter. CWM LLC now owns 2,371 shares of the company's stock worth $39,000 after buying an additional 1,814 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in IDEAYA Biosciences by 180.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,404 shares of the company's stock worth $39,000 after buying an additional 1,546 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in IDEAYA Biosciences during the 4th quarter worth approximately $47,000. Signaturefd LLC lifted its holdings in IDEAYA Biosciences by 374.8% during the 1st quarter. Signaturefd LLC now owns 2,877 shares of the company's stock worth $47,000 after buying an additional 2,271 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new position in IDEAYA Biosciences during the 2nd quarter worth approximately $61,000. Institutional investors and hedge funds own 98.29% of the company's stock.

IDEAYA Biosciences Stock Performance

The business has a fifty day simple moving average of $23.94 and a 200 day simple moving average of $20.75. The company has a market cap of $2.16 billion, a P/E ratio of -6.49 and a beta of 0.12.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last released its 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 business had revenue of $6.00 million during the quarter, compared to the consensus estimate of $3.48 million. During the same quarter in the previous year, the company posted ($0.68) earnings per share. The firm's revenue was up NaN% compared to the same quarter last year. Equities research analysts expect that IDEAYA Biosciences, Inc. will post -3.07 EPS for the current year.

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.