IDEAYA Biosciences (NASDAQ:IDYA) Trading 9.5% Higher – Still a Buy?

Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA) traded up 9.5% during trading on Monday . The stock traded as high as $31.33 and last traded at $30.99. 675,647 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 1,042,103 shares. The stock had previously closed at $28.29.

Analysts Set New Price Targets

Several analysts recently commented on the company. Royal Bank Of Canada upped their target price on IDEAYA Biosciences from $49.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday, April 14th. Wall Street Zen cut IDEAYA Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Cantor Fitzgerald reiterated an “overweight” rating on shares of IDEAYA Biosciences in a report on Friday, May 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of IDEAYA Biosciences in a report on Tuesday, April 21st. Finally, Wells Fargo & Company upped their target price on IDEAYA Biosciences from $44.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, April 14th. Fifteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.69.

IDEAYA Biosciences Stock Performance

The stock has a market capitalization of $2.76 billion, a P/E ratio of -19.73 and a beta of -0.05. The business has a fifty day simple moving average of $30.19 and a 200-day simple moving average of $32.64.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.04). The business had revenue of $6.56 million during the quarter, compared to analysts’ expectations of $5.04 million. The business’s quarterly revenue was down 39.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.82) EPS. On average, sell-side analysts anticipate that IDEAYA Biosciences, Inc. will post -4.27 earnings per share for the current year.

Hedge Funds Weigh In On IDEAYA Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the business. GSK plc acquired a new position in shares of IDEAYA Biosciences during the fourth quarter worth approximately $46,093,000. Baker BROS. Advisors LP raised its position in shares of IDEAYA Biosciences by 54.6% during the third quarter. Baker BROS. Advisors LP now owns 3,275,444 shares of the company’s stock worth $89,125,000 after purchasing an additional 1,156,716 shares during the period. State Street Corp raised its position in shares of IDEAYA Biosciences by 27.6% during the fourth quarter. State Street Corp now owns 4,134,641 shares of the company’s stock worth $142,935,000 after purchasing an additional 893,707 shares during the period. Janus Henderson Group PLC raised its position in shares of IDEAYA Biosciences by 11.8% during the fourth quarter. Janus Henderson Group PLC now owns 7,186,456 shares of the company’s stock worth $248,344,000 after purchasing an additional 758,117 shares during the period. Finally, First Turn Management LLC acquired a new position in shares of IDEAYA Biosciences during the fourth quarter worth approximately $25,017,000. 98.29% of the stock is currently owned by 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.