IDEAYA Biosciences (NASDAQ:IDYA) Shares Down 2.2%

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) was down 2.2% during mid-day trading on Wednesday . The stock traded as low as $35.01 and last traded at $35.01. Approximately 29,583 shares changed hands during trading, a decline of 96% from the average daily volume of 837,373 shares. The stock had previously closed at $35.78.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on IDYA shares. Royal Bank of Canada reissued an “outperform” rating and set a $61.00 price objective on shares of IDEAYA Biosciences in a research report on Wednesday, August 7th. Wedbush restated an “outperform” rating and issued a $54.00 price target on shares of IDEAYA Biosciences in a research report on Wednesday, August 7th. Stifel Nicolaus lifted their price objective on IDEAYA Biosciences from $63.00 to $68.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Mizuho initiated coverage on shares of IDEAYA Biosciences in a report on Monday, July 8th. They issued an “outperform” rating and a $50.00 target price for the company. Finally, JPMorgan Chase & Co. lowered their price target on shares of IDEAYA Biosciences from $69.00 to $66.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. Twelve investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $56.20.

IDEAYA Biosciences Stock Performance

The firm has a market cap of $2.66 billion, a P/E ratio of -17.78 and a beta of 0.84. The firm’s fifty day simple moving average is $39.15 and its 200 day simple moving average is $39.90.

IDEAYA Biosciences (NASDAQ:IDYA) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.14). IDEAYA Biosciences had a negative net margin of 483.05% and a negative return on equity of 20.52%. During the same period in the prior year, the business earned ($0.50) EPS. On average, equities research analysts predict that IDEAYA Biosciences, Inc. will post -2.51 earnings per share for the current year.

Hedge Funds Weigh In On IDEAYA Biosciences

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted 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 valued at $182,355,000 after acquiring an additional 679,985 shares during the last quarter. Capital Research Global Investors raised its position in IDEAYA Biosciences by 43.6% during the fourth quarter. Capital Research Global Investors now owns 1,976,870 shares of the company’s stock valued at $70,337,000 after purchasing an additional 600,000 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of IDEAYA Biosciences by 17.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,566,278 shares of the company’s stock valued at $126,889,000 after purchasing an additional 535,909 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of IDEAYA Biosciences by 1,611.9% in the 4th quarter. Fisher Asset Management LLC now owns 539,676 shares of the company’s stock worth $19,202,000 after purchasing an additional 508,151 shares during the period. Finally, Sofinnova Investments Inc. increased its position in shares of IDEAYA Biosciences by 47.3% during the 2nd quarter. Sofinnova Investments Inc. now owns 1,151,528 shares of the company’s stock valued at $40,430,000 after purchasing an additional 369,932 shares during the last quarter. Institutional investors own 98.29% of the company’s stock.

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.