IDEAYA Biosciences’ (IDYA) Outperform Rating Reiterated at Wedbush

IDEAYA Biosciences (NASDAQ:IDYA)‘s stock had its “outperform” rating restated by stock analysts at Wedbush in a report issued on Tuesday,Benzinga reports. They presently have a $58.00 price objective on the stock. Wedbush’s price target points to a potential upside of 100.41% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Truist Financial set a $65.00 price target on IDEAYA Biosciences in a report on Monday, April 13th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of IDEAYA Biosciences in a research report on Friday, May 22nd. The Goldman Sachs Group lifted their target price on shares of IDEAYA Biosciences from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 14th. Guggenheim upped their price target on shares of IDEAYA Biosciences from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Tuesday, April 14th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IDEAYA Biosciences in a report on Tuesday, April 21st. Fifteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, IDEAYA Biosciences currently has an average rating of “Moderate Buy” and a consensus target price of $50.69.

IDEAYA Biosciences Trading Down 1.8%

Shares of IDYA stock opened at $28.94 on Tuesday. The business’s fifty day simple moving average is $30.44 and its 200-day simple moving average is $32.75. The company has a market cap of $2.54 billion, a PE ratio of -18.09 and a beta of -0.04. IDEAYA Biosciences has a 12-month low of $19.83 and a 12-month high of $39.28.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($1.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.04). The firm had revenue of $6.56 million during the quarter, compared to analysts’ expectations of $5.04 million. During the same period last year, the firm earned ($0.82) earnings per share. IDEAYA Biosciences’s quarterly revenue was down 39.4% on a year-over-year basis. On average, equities analysts forecast that IDEAYA Biosciences will post -4.28 earnings per share for the current year.

Institutional Investors Weigh In On IDEAYA Biosciences

Several hedge funds have recently added to or reduced their stakes in IDYA. Iron Triangle Partners LP purchased a new position in IDEAYA Biosciences during the third quarter valued at approximately $7,347,000. Envestnet Asset Management Inc. boosted its position in IDEAYA Biosciences by 174.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 299,032 shares of the company’s stock worth $8,137,000 after purchasing an additional 189,877 shares in the last quarter. Candriam S.C.A. grew its stake in shares of IDEAYA Biosciences by 10.8% during the 3rd quarter. Candriam S.C.A. now owns 1,012,967 shares of the company’s stock worth $27,563,000 after purchasing an additional 98,567 shares during the period. Cinctive Capital Management LP grew its stake in shares of IDEAYA Biosciences by 193.9% during the 3rd quarter. Cinctive Capital Management LP now owns 49,946 shares of the company’s stock worth $1,359,000 after purchasing an additional 32,953 shares during the period. Finally, Tudor Investment Corp ET AL purchased a new position in shares of IDEAYA Biosciences during the 3rd quarter valued at approximately $1,023,000. 98.29% of the stock is owned by hedge funds and other institutional investors.

About IDEAYA Biosciences

IDEAYA Biosciences is a clinical-stage precision oncology company dedicated to the discovery and development of novel therapies that exploit synthetic lethality in cancer cells. By targeting key DNA damage response pathways, the company aims to selectively kill tumor cells exhibiting specific genetic vulnerabilities while sparing healthy tissue. IDEAYA’s pipeline includes small-molecule inhibitors designed to address underserved tumor types, and its lead programs are advancing through Phase 1 and Phase 2 clinical trials in multiple oncology indications.

Central to IDEAYA’s approach is its Modular Approach to Precision (MAP) platform, which integrates proprietary genomic and functional screening technologies to identify critical cancer-specific dependencies.