IDEAYA Biosciences (NASDAQ:IDYA) Coverage Initiated by Analysts at UBS Group

UBS Group assumed coverage on shares of IDEAYA Biosciences (NASDAQ:IDYA) in a research note released on Thursday, MarketBeat reports. The firm issued a buy rating and a $50.00 price target on the stock.

IDYA has been the topic of several other research reports. Cantor Fitzgerald initiated coverage on shares of IDEAYA Biosciences in a research report on Tuesday, October 15th. They set an “overweight” rating on the stock. Lifesci Capital upgraded IDEAYA Biosciences to a “strong-buy” rating in a research note on Monday, July 29th. Oppenheimer dropped their price target on IDEAYA Biosciences from $60.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $61.00 price objective on shares of IDEAYA Biosciences in a report on Tuesday, September 24th. Finally, Stifel Nicolaus boosted their target price on shares of IDEAYA Biosciences from $63.00 to $68.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Fourteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $55.45.

IDEAYA Biosciences Stock Performance

Shares of IDYA stock opened at $29.30 on Thursday. IDEAYA Biosciences has a fifty-two week low of $25.22 and a fifty-two week high of $47.74. The firm has a market cap of $2.48 billion, a P/E ratio of -13.38 and a beta of 0.82. The business’s 50 day moving average price is $34.15 and its 200-day moving average price is $37.38.

IDEAYA Biosciences (NASDAQ:IDYA) last released 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). During the same quarter last year, the company posted ($0.50) EPS. As a group, equities analysts predict that IDEAYA Biosciences will post -2.48 EPS for the current year.

Institutional Investors Weigh In On IDEAYA Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of IDEAYA Biosciences by 19.6% in the 1st quarter. Vanguard Group Inc. now owns 4,155,757 shares of the company’s stock worth $182,355,000 after purchasing an additional 679,985 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in IDEAYA Biosciences by 13.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,052,500 shares of the company’s stock worth $177,825,000 after buying an additional 486,222 shares during the last quarter. Sofinnova Investments Inc. raised its position in IDEAYA Biosciences by 47.3% in the 2nd quarter. Sofinnova Investments Inc. now owns 1,151,528 shares of the company’s stock worth $40,430,000 after buying an additional 369,932 shares during the last quarter. Janus Henderson Group PLC lifted its stake in IDEAYA Biosciences by 7.2% during the 1st quarter. Janus Henderson Group PLC now owns 3,808,450 shares of the company’s stock valued at $167,104,000 after acquiring an additional 256,559 shares during the period. Finally, Jennison Associates LLC purchased a new stake in shares of IDEAYA Biosciences during the 1st quarter valued at about $11,244,000. Institutional investors own 98.29% of the company’s stock.

IDEAYA Biosciences Company Profile

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.