IDEAYA Biosciences (NASDAQ:IDYA) Stock Price Up 5.1% on 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) shot 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. 266,300 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 1,126,312 shares. The stock had previously closed at $25.48.

A number of other research analysts have also commented on IDYA. Wells Fargo & Company began 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. TD Cowen began coverage on IDEAYA Biosciences in a research note on Tuesday, July 22nd. They issued a "buy" rating for the company. Royal Bank Of Canada upgraded IDEAYA Biosciences from an "outperform" rating to a "moderate buy" rating and lowered their price target for the company from $57.00 to $30.00 in a research report on Wednesday, July 9th. 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 report on Thursday, July 10th. Twelve investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, IDEAYA Biosciences currently has an average rating of "Moderate Buy" and an average target price of $45.77.

Institutional Trading of IDEAYA Biosciences

Several large investors have recently made changes to their positions in IDYA. Ameriprise Financial Inc. grew its holdings in shares of IDEAYA Biosciences by 3.6% during the fourth quarter. Ameriprise Financial Inc. now owns 288,002 shares of the company's stock worth $7,401,000 after purchasing an additional 10,072 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of IDEAYA Biosciences by 37.5% during the fourth quarter. BNP Paribas Financial Markets now owns 38,692 shares of the company's stock worth $994,000 after purchasing an additional 10,543 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of IDEAYA Biosciences by 5.9% during the fourth quarter. Bank of America Corp DE now owns 747,934 shares of the company's stock worth $19,222,000 after purchasing an additional 41,390 shares during the last quarter. Deutsche Bank AG boosted its holdings in IDEAYA Biosciences by 6.9% in the fourth quarter. Deutsche Bank AG now owns 372,979 shares of the company's stock valued at $9,586,000 after acquiring an additional 24,205 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in IDEAYA Biosciences by 13.5% in the fourth quarter. Janus Henderson Group PLC now owns 5,857,639 shares of the company's stock valued at $150,606,000 after acquiring an additional 695,263 shares during the last quarter. Institutional investors own 98.29% of the company's stock.

IDEAYA Biosciences Stock Down 13.9%

The firm has a fifty day moving average of $23.66 and a 200-day moving average of $20.63. The firm has a market cap of $2.05 billion, a P/E ratio of -6.17 and a beta of 0.12.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.88) earnings per share (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 analyst estimates of $3.48 million. The firm's revenue was up NaN% compared to the same quarter last year. During the same quarter last year, the company posted ($0.68) EPS. Sell-side analysts anticipate 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.