IDEAYA Biosciences (NASDAQ:IDYA) Price Target Cut to $58.00 by Analysts at Citigroup

IDEAYA Biosciences (NASDAQ:IDYA) had its price target trimmed by Citigroup from $60.00 to $58.00 in a research note released on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also recently commented on the company. Lifesci Capital raised IDEAYA Biosciences to a strong-buy rating in a research report on Monday, July 29th. Royal Bank of Canada reiterated an outperform rating and issued a $61.00 price target on shares of IDEAYA Biosciences in a research note on Wednesday, August 7th. BTIG Research increased their price objective on shares of IDEAYA Biosciences from $55.00 to $62.00 and gave the company a buy rating in a research report on Tuesday, July 9th. Wedbush reissued an outperform rating and set a $54.00 price target on shares of IDEAYA Biosciences in a report on Wednesday, August 7th. Finally, Stifel Nicolaus reissued a buy rating and issued a $63.00 price objective on shares of IDEAYA Biosciences in a report on Monday, July 8th. Twelve investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of Buy and a consensus target price of $55.70.

IDEAYA Biosciences Stock Performance

NASDAQ:IDYA opened at $39.35 on Tuesday. The firm has a 50-day simple moving average of $38.58 and a two-hundred day simple moving average of $40.79. The firm has a market cap of $2.98 billion, a P/E ratio of -19.60 and a beta of 0.87. IDEAYA Biosciences has a fifty-two week low of $23.41 and a fifty-two week high of $47.74.

IDEAYA Biosciences (NASDAQ:IDYA) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.54) by ($0.14). IDEAYA Biosciences had a negative net margin of 483.05% and a negative return on equity of 20.09%. During the same quarter in the prior year, the company posted ($0.50) EPS. On average, equities research analysts predict that IDEAYA Biosciences will post -2.22 EPS for the current year.

Hedge Funds Weigh In On IDEAYA Biosciences

Large investors have recently made changes to their positions in the business. Victory Capital Management Inc. bought a new stake in IDEAYA Biosciences during the 4th quarter valued at approximately $12,328,000. Charles Schwab Investment Management Inc. raised its position in shares of IDEAYA Biosciences by 13.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 496,456 shares of the company’s stock valued at $17,664,000 after buying an additional 59,100 shares during the last quarter. Campbell & CO Investment Adviser LLC lifted its holdings in shares of IDEAYA Biosciences by 93.2% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 61,226 shares of the company’s stock worth $2,178,000 after buying an additional 29,536 shares in the last quarter. First Light Asset Management LLC bought a new position in shares of IDEAYA Biosciences during the fourth quarter worth $12,299,000. Finally, Superstring Capital Management LP purchased a new position in IDEAYA Biosciences during the fourth quarter valued at $8,941,000. 98.29% of the stock is currently owned by hedge funds and other institutional investors.

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.