IDEAYA Biosciences (NASDAQ:IDYA) Price Target Cut to $52.00

IDEAYA Biosciences (NASDAQ:IDYA) had its price target dropped by analysts at Wedbush from $54.00 to $52.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s price objective would suggest a potential upside of 64.40% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Mizuho started coverage on shares of IDEAYA Biosciences in a research report on Monday, July 8th. They set an “outperform” rating and a $50.00 price objective for the company. JPMorgan Chase & Co. reduced their price target on IDEAYA Biosciences from $69.00 to $66.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. Oppenheimer decreased their target price on shares of IDEAYA Biosciences from $60.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Lifesci Capital raised shares of IDEAYA Biosciences to a “strong-buy” rating in a report on Monday, July 29th. Finally, Citigroup reduced their price objective on shares of IDEAYA Biosciences from $60.00 to $58.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Twelve research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $56.00.

IDEAYA Biosciences Stock Performance

Shares of NASDAQ IDYA traded down $2.10 during midday trading on Tuesday, hitting $31.63. 592,280 shares of the stock traded hands, compared to its average volume of 855,252. IDEAYA Biosciences has a one year low of $23.41 and a one year high of $47.74. The firm has a market capitalization of $2.39 billion, a P/E ratio of -15.78 and a beta of 0.84. The firm has a 50-day moving average of $38.76 and a two-hundred day moving average of $39.58.

IDEAYA Biosciences (NASDAQ:IDYA) last announced its earnings results on Tuesday, August 6th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.54) by ($0.14). IDEAYA Biosciences had a negative return on equity of 20.52% and a negative net margin of 483.05%. During the same period in the previous year, the firm earned ($0.50) earnings per share. Equities analysts forecast that IDEAYA Biosciences will post -2.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of IDEAYA Biosciences by 19.6% during 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. Price T Rowe Associates Inc. MD increased its holdings in shares of 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. Janus Henderson Group PLC raised its position in shares of 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 buying an additional 256,559 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of IDEAYA Biosciences by 43.6% in the 4th quarter. Capital Research Global Investors now owns 1,976,870 shares of the company’s stock valued at $70,337,000 after acquiring an additional 600,000 shares during the last quarter. Finally, Logos Global Management LP grew its position in IDEAYA Biosciences by 13.3% in the second quarter. Logos Global Management LP now owns 1,700,000 shares of the company’s stock worth $59,687,000 after acquiring an additional 200,000 shares in 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.