IDEAYA Biosciences (NASDAQ:IDYA) Earns Outperform Rating from Royal Bank of Canada

IDEAYA Biosciences (NASDAQ:IDYA)‘s stock had its “outperform” rating restated by equities researchers at Royal Bank of Canada in a report issued on Tuesday, Benzinga reports. They presently have a $61.00 price objective on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 80.85% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. JPMorgan Chase & Co. decreased their target price on shares of IDEAYA Biosciences from $69.00 to $66.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Stifel Nicolaus upped 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. Mizuho started coverage on IDEAYA Biosciences in a report on Monday, July 8th. They set an “outperform” rating and a $50.00 price target for the company. Wedbush reissued an “outperform” rating and set a $54.00 price target on shares of IDEAYA Biosciences in a research report on Wednesday, August 7th. Finally, Citigroup cut their price objective on IDEAYA Biosciences from $60.00 to $58.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Twelve analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, IDEAYA Biosciences currently has a consensus rating of “Buy” and a consensus target price of $56.20.

IDEAYA Biosciences Stock Performance

NASDAQ:IDYA opened at $33.73 on Tuesday. IDEAYA Biosciences has a 52-week low of $23.41 and a 52-week high of $47.74. The company has a market cap of $2.55 billion, a P/E ratio of -16.78 and a beta of 0.84. The stock’s 50-day simple moving average is $38.76 and its 200 day simple moving average is $39.58.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.68) earnings per share 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 company earned ($0.50) earnings per share. As a group, equities analysts predict that IDEAYA Biosciences will post -2.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IDEAYA Biosciences

A number of large investors have recently made changes to their positions in IDYA. Jump Financial LLC acquired a new stake in shares of IDEAYA Biosciences during the fourth quarter worth $215,000. Dimensional Fund Advisors LP raised its stake in IDEAYA Biosciences by 12.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,286,300 shares of the company’s stock valued at $45,767,000 after purchasing an additional 144,058 shares in the last quarter. Trexquant Investment LP raised its stake in IDEAYA Biosciences by 32.8% in the fourth quarter. Trexquant Investment LP now owns 21,984 shares of the company’s stock valued at $782,000 after purchasing an additional 5,432 shares in the last quarter. Franklin Resources Inc. lifted its position in IDEAYA Biosciences by 4.9% during the fourth quarter. Franklin Resources Inc. now owns 27,237 shares of the company’s stock worth $969,000 after purchasing an additional 1,260 shares during the period. Finally, TD Asset Management Inc grew its stake in IDEAYA Biosciences by 21.1% during the fourth quarter. TD Asset Management Inc now owns 137,690 shares of the company’s stock worth $4,899,000 after buying an additional 24,034 shares in the last quarter. 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.