Wedbush Reiterates “Outperform” Rating for IDEAYA Biosciences (NASDAQ:IDYA)

IDEAYA Biosciences (NASDAQ:IDYA)‘s stock had its “outperform” rating reissued by equities researchers at Wedbush in a research note issued on Wednesday, Benzinga reports. They currently have a $52.00 price objective on the stock. Wedbush’s target price would indicate a potential upside of 26.31% from the stock’s previous close.

Several other research analysts also recently weighed in on IDYA. Capital One Financial reissued an “overweight” rating on shares of IDEAYA Biosciences in a report on Thursday, February 22nd. Leerink Partnrs reiterated an “outperform” rating on shares of IDEAYA Biosciences in a research report on Friday, February 23rd. BTIG Research began coverage on shares of IDEAYA Biosciences in a research report on Friday, March 8th. They set a “buy” rating and a $55.00 price target for the company. Royal Bank of Canada boosted their price target on IDEAYA Biosciences from $43.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, February 21st. Finally, The Goldman Sachs Group raised their price target on IDEAYA Biosciences from $36.00 to $53.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, IDEAYA Biosciences has an average rating of “Buy” and a consensus price target of $47.50.

IDEAYA Biosciences Stock Performance

NASDAQ IDYA traded down $1.58 on Wednesday, reaching $41.17. 66,047 shares of the stock traded hands, compared to its average volume of 829,037. IDEAYA Biosciences has a 12 month low of $19.01 and a 12 month high of $47.74. The company has a market cap of $3.08 billion, a price-to-earnings ratio of -20.95 and a beta of 0.83. The company has a fifty day moving average price of $42.63 and a 200-day moving average price of $38.38.

IDEAYA Biosciences (NASDAQ:IDYA) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.02). IDEAYA Biosciences had a negative return on equity of 23.00% and a negative net margin of 483.05%. The business’s revenue was down 100.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.49) earnings per share. As a group, research analysts anticipate that IDEAYA Biosciences will post -2.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In other IDEAYA Biosciences news, insider Briseno Andres Ruiz sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $46.02, for a total value of $92,040.00. Following the completion of the sale, the insider now directly owns 24,531 shares in the company, valued at $1,128,916.62. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Yujiro S. Hata sold 23,557 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $45.54, for a total value of $1,072,785.78. Following the completion of the sale, the chief executive officer now owns 677,887 shares in the company, valued at $30,870,973.98. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Briseno Andres Ruiz sold 2,000 shares of IDEAYA Biosciences stock in a transaction on Friday, February 9th. The stock was sold at an average price of $46.02, for a total transaction of $92,040.00. Following the transaction, the insider now directly owns 24,531 shares in the company, valued at $1,128,916.62. The disclosure for this sale can be found here. 3.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Alps Advisors Inc. raised its stake in IDEAYA Biosciences by 0.9% during the 3rd quarter. Alps Advisors Inc. now owns 42,479 shares of the company’s stock worth $1,146,000 after acquiring an additional 368 shares during the period. Amalgamated Bank lifted its stake in IDEAYA Biosciences by 6.4% in the third quarter. Amalgamated Bank now owns 7,205 shares of the company’s stock valued at $194,000 after buying an additional 433 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in IDEAYA Biosciences by 2.5% in the third quarter. Los Angeles Capital Management LLC now owns 18,802 shares of the company’s stock valued at $507,000 after purchasing an additional 456 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in IDEAYA Biosciences by 2.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,797 shares of the company’s stock worth $669,000 after acquiring an additional 486 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in IDEAYA Biosciences by 4.0% during the 3rd quarter. Arizona State Retirement System now owns 13,865 shares of the company’s stock worth $374,000 after buying an additional 536 shares during the last quarter. 98.29% of the stock is owned by institutional investors.

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.