IDEAYA Biosciences (NASDAQ:IDYA) Shares Climb 4.8% - Here's Why

Key Points

• IDEAYA Biosciences shares rose 4.8% to about $38.45, although trading volume was 73% below the average daily level.
• Analyst sentiment remains broadly positive: 13 analysts rate the stock Buy, with a consensus “Moderate Buy” rating and an average price target of $52.69, despite some target reductions and two Sell ratings.
• The company reported quarterly revenue of $8.86 million, up sharply year over year and above estimates, but missed earnings expectations with a loss of $1.22 per share; institutional investors own 98.29% of the stock.

Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Get Free Report) shot up 4.8% on Monday. The company traded as high as $38.38 and last traded at $38.45. Approximately 278,808 shares traded hands during trading, a decline of 73% from the average daily volume of 1,041,522 shares. The stock had previously closed at $36.69.

Analyst Upgrades and Downgrades

IDYA has been the topic of several research reports. Cantor Fitzgerald restated an "overweight" rating on shares of IDEAYA Biosciences in a research note on Tuesday, September 22nd. Royal Bank Of Canada reduced their price objective on IDEAYA Biosciences from $53.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, July 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of IDEAYA Biosciences in a report on Friday, July 17th. Truist Financial lowered their price objective on IDEAYA Biosciences from $63.00 to $59.00 and set a "buy" rating on the stock in a research report on Wednesday, August 5th. Finally, Wall Street Zen lowered IDEAYA Biosciences from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Thirteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, IDEAYA Biosciences has a consensus rating of "Moderate Buy" and an average target price of $52.69.

IDEAYA Biosciences Stock Up 4.8%

The stock has a market cap of $3.38 billion, a price-to-earnings ratio of -19.80 and a beta of -0.07. The company's 50-day moving average is $37.86 and its 200-day moving average is $34.05.

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

Insider Activity at IDEAYA Biosciences

In related news, CAO Andres Ruiz Briseno sold 9,550 shares of the business's stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $40.01, for a total value of $382,095.50. Following the sale, the chief accounting officer owned 26,466 shares of the company's stock, valued at $1,058,904.66. The trade was a 26.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.70% of the stock is owned by company insiders.

Institutional Trading of IDEAYA Biosciences

A number of large investors have recently bought and sold shares of IDYA. BlackRock Inc. acquired a new stake in shares of IDEAYA Biosciences in the 2nd quarter valued at $331,452,000. Jupiter Topco LLC acquired a new stake in shares of IDEAYA Biosciences during the 2nd quarter worth about $319,728,000. Janus Henderson Group PLC increased its position in shares of IDEAYA Biosciences by 1.1% during the 1st quarter. Janus Henderson Group PLC now owns 7,265,253 shares of the company's stock worth $242,023,000 after purchasing an additional 78,797 shares in the last quarter. Baker BROS. Advisors LP lifted its holdings in IDEAYA Biosciences by 10.5% during the 4th quarter. Baker BROS. Advisors LP now owns 3,618,826 shares of the company's stock valued at $125,103,000 after purchasing an additional 343,382 shares during the last quarter. Finally, Fiera Capital Corp lifted its holdings in IDEAYA Biosciences by 32.6% during the 4th quarter. Fiera Capital Corp now owns 2,437,262 shares of the company's stock valued at $84,256,000 after purchasing an additional 599,295 shares during the last quarter. 98.29% of the stock is currently owned by institutional investors.

IDEAYA Biosciences Company Profile

IDEAYA Biosciences, Inc is a clinical-stage biotechnology company focused on developing precision medicines for cancer. The company uses insights from tumor genetics and synthetic lethality—the targeting of vulnerabilities created by specific genetic alterations—to identify therapies intended for molecularly defined patient populations.

IDEAYA's investigational pipeline includes darovasertib (IDE196), a protein kinase C inhibitor being studied in genetically defined cancers, including metastatic uveal melanoma associated with GNAQ or GNA11 mutations.

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