IDEAYA Biosciences’ (IDYA) Outperform Rating Reaffirmed at Royal Bank of Canada

IDEAYA Biosciences (NASDAQ:IDYA)‘s stock had its “outperform” rating reiterated by Royal Bank of Canada in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $61.00 target price on the stock. Royal Bank of Canada’s target price suggests a potential upside of 80.85% from the company’s current price.

IDYA has been the topic of a number of other reports. Lifesci Capital upgraded shares of IDEAYA Biosciences to a “strong-buy” rating in a research report on Monday, July 29th. Citigroup cut their target price on shares of IDEAYA Biosciences from $60.00 to $58.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Oppenheimer decreased their price target on shares of IDEAYA Biosciences from $60.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Stifel Nicolaus upped their price objective on shares of IDEAYA Biosciences from $63.00 to $68.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, Mizuho started coverage on IDEAYA Biosciences in a report on Monday, July 8th. They set an “outperform” rating and a $50.00 target price on the stock. Twelve research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, IDEAYA Biosciences currently has an average rating of “Buy” and a consensus target price of $56.20.

IDEAYA Biosciences Stock Performance

Shares of IDEAYA Biosciences stock opened at $33.73 on Tuesday. The firm has a fifty day moving average of $38.76 and a two-hundred day moving average of $39.58. The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of -16.78 and a beta of 0.84. IDEAYA Biosciences has a 52 week low of $23.41 and a 52 week high of $47.74.

IDEAYA Biosciences (NASDAQ:IDYA) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.14). IDEAYA Biosciences had a negative net margin of 483.05% and a negative return on equity of 20.52%. During the same period in the prior year, the company posted ($0.50) earnings per share. As a group, research analysts forecast that IDEAYA Biosciences will post -2.51 EPS for the current fiscal year.

Hedge Funds Weigh In On IDEAYA Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of IDEAYA Biosciences by 19.6% in the first quarter. Vanguard Group Inc. now owns 4,155,757 shares of the company’s stock valued at $182,355,000 after purchasing an additional 679,985 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in 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 valued at $177,825,000 after acquiring an additional 486,222 shares in the last quarter. Janus Henderson Group PLC lifted its stake in IDEAYA Biosciences by 7.2% in the 1st quarter. Janus Henderson Group PLC now owns 3,808,450 shares of the company’s stock valued at $167,104,000 after acquiring an additional 256,559 shares in the last quarter. Capital Research Global Investors boosted its position in IDEAYA Biosciences by 43.6% during the 4th quarter. Capital Research Global Investors now owns 1,976,870 shares of the company’s stock worth $70,337,000 after acquiring an additional 600,000 shares during the last quarter. Finally, Logos Global Management LP grew its stake in shares of IDEAYA Biosciences by 13.3% during the 2nd 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. 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.