IDEAYA Biosciences (NASDAQ:IDYA) Trading Up 5.1% Following Analyst Upgrade

Key Points

• IDEAYA Biosciences' stock rose by 5.1% after JPMorgan Chase & Co. upgraded its price target from $72 to $74.
• The company reported earnings per share of ($0.88), missing estimates, but revenue of $6 million exceeded analyst expectations.
• Investment analysts rate IDEAYA Biosciences as a "Moderate Buy", with nine analysts giving it a Buy rating and an average target price of $47.30.

IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Get Free Report) shares were up 5.1% during trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $72.00 to $74.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. IDEAYA Biosciences traded as high as $26.31 and last traded at $26.78. Approximately 266,300 shares changed hands during trading, a decline of 76% from the average daily volume of 1,126,312 shares. The stock had previously closed at $25.48.

A number of other research firms have also issued reports on IDYA. Royal Bank Of Canada raised IDEAYA Biosciences from an "outperform" rating to a "moderate buy" rating and dropped their target price for the company from $57.00 to $30.00 in a report on Wednesday, July 9th. TD Cowen started coverage on IDEAYA Biosciences in a report on Tuesday, July 22nd. They issued a "buy" rating on the stock. Wells Fargo & Company initiated coverage on IDEAYA Biosciences in a report on Thursday, June 26th. They issued an "overweight" rating and a $44.00 target price on the stock. Finally, The Goldman Sachs Group upgraded IDEAYA Biosciences to a "hold" rating and set a $25.00 price target on the stock in a research note on Thursday, July 10th. Twelve analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $45.77.

Hedge Funds Weigh In On IDEAYA Biosciences

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

IDEAYA Biosciences Stock Up 5.1%

The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of -7.17 and a beta of 0.12. The company has a 50 day moving average of $23.66 and a 200 day moving average of $20.64.

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 the consensus estimate 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 revenue was up NaN% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.68) EPS. On average, research analysts forecast that IDEAYA Biosciences, Inc. will post -3.07 earnings per share for the current fiscal 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.