IDEAYA Biosciences (NASDAQ:IDYA) Stock Price Down 6.2%

IDEAYA Biosciences, Inc. (NASDAQ:IDYA)’s stock price dropped 6.2% during trading on Thursday . The stock traded as low as $29.72 and last traded at $29.72. Approximately 451,393 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 863,756 shares. The stock had previously closed at $31.70.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. BTIG Research boosted their target price on shares of IDEAYA Biosciences from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Stifel Nicolaus upped their target price on IDEAYA Biosciences from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $61.00 target price on shares of IDEAYA Biosciences in a research report on Tuesday, September 24th. Wedbush reduced their price target on IDEAYA Biosciences from $54.00 to $52.00 and set an “outperform” rating on the stock in a report on Tuesday, September 24th. Finally, Mizuho initiated coverage on IDEAYA Biosciences in a research note on Monday, July 8th. They issued an “outperform” rating and a $50.00 price objective for the company. Twelve analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, IDEAYA Biosciences currently has an average rating of “Buy” and a consensus target price of $56.00.

IDEAYA Biosciences Price Performance

The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of -14.55 and a beta of 0.84. The company’s 50-day moving average price is $37.24 and its two-hundred day moving average price is $38.95.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its quarterly earnings data 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 return on equity of 20.52% and a negative net margin of 483.05%. During the same period in the prior year, the business earned ($0.50) earnings per share. On average, equities research analysts expect that IDEAYA Biosciences, Inc. will post -2.51 EPS for the current fiscal year.

Hedge Funds Weigh In On IDEAYA Biosciences

Several institutional investors have recently added to or reduced their stakes in IDYA. Ameritas Investment Partners Inc. increased its stake in shares of IDEAYA Biosciences by 5.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 6,562 shares of the company’s stock valued at $288,000 after acquiring an additional 332 shares in the last quarter. Principal Financial Group Inc. increased its stake in IDEAYA Biosciences by 4.4% in the first quarter. Principal Financial Group Inc. now owns 15,275 shares of the company’s stock valued at $670,000 after purchasing an additional 648 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in IDEAYA Biosciences by 38.4% in the second quarter. Nisa Investment Advisors LLC now owns 3,340 shares of the company’s stock valued at $117,000 after purchasing an additional 927 shares in the last quarter. Covestor Ltd raised its holdings in shares of IDEAYA Biosciences by 9,225.0% during the first quarter. Covestor Ltd now owns 1,119 shares of the company’s stock valued at $49,000 after purchasing an additional 1,107 shares during the period. Finally, Quest Partners LLC bought a new position in shares of IDEAYA Biosciences during the 2nd quarter worth about $41,000. 98.29% of the stock is owned by institutional investors and hedge funds.

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.