IDEAYA Biosciences (NASDAQ:IDYA) Hits New 12-Month High - Here's Why

Key Points

• IDEAYA Biosciences reached a new 52-week high, trading as high as $41.47 and closing around $41.12, supported by a largely positive analyst outlook. Fourteen analysts rate the stock Buy, with an average price target of $50.12.
• The company’s latest quarter showed revenue of $8.86 million, up 8,800% year over year and above estimates, though its $1.22-per-share loss was wider than expected and profitability remained negative.
• Institutional interest is substantial: hedge funds and other institutions own 98.29% of the shares, with BlackRock, Jupiter Topco and California’s state teachers’ retirement system among notable recent buyers.

Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Get Free Report) reached a new 52-week high during trading on Tuesday . The stock traded as high as $41.47 and last traded at $41.1150, with a volume of 80699 shares traded. The stock had previously closed at $40.04.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on IDYA shares. Mizuho reduced their price target on IDEAYA Biosciences from $52.00 to $50.00 and set an "outperform" rating on the stock in a research note on Thursday, May 7th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of IDEAYA Biosciences in a research report on Friday, May 22nd. Wedbush upped their target price on IDEAYA Biosciences from $58.00 to $60.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. Royal Bank Of Canada dropped their target price on IDEAYA Biosciences from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, July 7th. Finally, Wall Street Zen downgraded IDEAYA Biosciences from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Fourteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $50.12.

IDEAYA Biosciences Stock Performance

The firm has a fifty day simple moving average of $36.33 and a 200-day simple moving average of $32.92. The company has a market capitalization of $3.68 billion, a PE ratio of -21.62 and a beta of -0.10.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($1.22) EPS for the quarter, missing analysts' consensus estimates of ($1.06) by ($0.16). The company had revenue of $8.86 million for the quarter, compared to the consensus estimate of $8.02 million. IDEAYA Biosciences had a negative net margin of 75.93% and a negative return on equity of 16.73%. The company's revenue was up 8800.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.88) earnings per share. As a group, research analysts anticipate that IDEAYA Biosciences, Inc. will post -4.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Briseno Andres Ruiz sold 9,550 shares of IDEAYA Biosciences stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $40.01, for a total value of $382,095.50. Following the completion of the transaction, the chief accounting officer directly owned 26,466 shares in the company, valued at approximately $1,058,904.66. This trade represents a 26.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.70% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of IDEAYA Biosciences in the second quarter valued at $331,452,000. Jupiter Topco LLC bought a new stake in shares of IDEAYA Biosciences during the 2nd quarter worth $319,728,000. California State Teachers Retirement System grew its holdings in shares of IDEAYA Biosciences by 3,522.2% in the 2nd quarter. California State Teachers Retirement System now owns 3,500,995 shares of the company's stock worth $130,482,000 after acquiring an additional 3,404,340 shares during the last quarter. GSK plc acquired a new position in shares of IDEAYA Biosciences in the 4th quarter worth $46,093,000. Finally, Bank of America Corp DE acquired a new stake in shares of IDEAYA Biosciences during the second quarter worth $38,244,000. 98.29% of the stock is owned by institutional investors and hedge funds.

About IDEAYA Biosciences

IDEAYA Biosciences is a clinical-stage precision oncology company dedicated to the discovery and development of novel therapies that exploit synthetic lethality in cancer cells. By targeting key DNA damage response pathways, the company aims to selectively kill tumor cells exhibiting specific genetic vulnerabilities while sparing healthy tissue. IDEAYA's pipeline includes small-molecule inhibitors designed to address underserved tumor types, and its lead programs are advancing through Phase 1 and Phase 2 clinical trials in multiple oncology indications.

Central to IDEAYA's approach is its Modular Approach to Precision (MAP) platform, which integrates proprietary genomic and functional screening technologies to identify critical cancer-specific dependencies.

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