Wedbush Cuts IDEAYA Biosciences (NASDAQ:IDYA) Price Target to $52.00

IDEAYA Biosciences (NASDAQ:IDYA) had its price objective lowered by analysts at Wedbush from $54.00 to $52.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Wedbush’s target price indicates a potential upside of 64.40% from the stock’s current price.

Several other analysts have also recently weighed in on the company. Mizuho assumed coverage on IDEAYA Biosciences in a report on Monday, July 8th. They issued an “outperform” rating and a $50.00 price target on the stock. Lifesci Capital upgraded shares of IDEAYA Biosciences to a “strong-buy” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. decreased their price target on shares of IDEAYA Biosciences from $69.00 to $66.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. Stifel Nicolaus lifted their price objective on shares of IDEAYA Biosciences from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $61.00 price target on shares of IDEAYA Biosciences in a research report on Tuesday. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, IDEAYA Biosciences presently has an average rating of “Buy” and an average target price of $56.00.

IDEAYA Biosciences Stock Down 6.2 %

IDYA traded down $2.10 during trading on Tuesday, reaching $31.63. 592,280 shares of the company were exchanged, compared to its average volume of 855,252. The company’s 50-day moving average is $38.76 and its two-hundred day moving average is $39.58. The company has a market cap of $2.39 billion, a price-to-earnings ratio of -15.78 and a beta of 0.84. IDEAYA Biosciences has a 12-month low of $23.41 and a 12-month high of $47.74.

IDEAYA Biosciences (NASDAQ:IDYA) last released its quarterly earnings results 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 quarter in the previous year, the business earned ($0.50) EPS. Equities analysts forecast that IDEAYA Biosciences will post -2.51 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Scientech Research LLC raised its stake in IDEAYA Biosciences by 362.3% in the second quarter. Scientech Research LLC now owns 27,708 shares of the company’s stock worth $973,000 after buying an additional 21,714 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of IDEAYA Biosciences by 87.1% during the second quarter. Millennium Management LLC now owns 258,606 shares of the company’s stock valued at $9,080,000 after purchasing an additional 120,395 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its position in shares of IDEAYA Biosciences by 34.4% during the second quarter. D. E. Shaw & Co. Inc. now owns 884,538 shares of the company’s stock valued at $31,056,000 after buying an additional 226,514 shares during the last quarter. Squarepoint Ops LLC increased its holdings in IDEAYA Biosciences by 127.1% in the 2nd quarter. Squarepoint Ops LLC now owns 100,502 shares of the company’s stock worth $3,529,000 after buying an additional 56,256 shares in the last quarter. Finally, Samlyn Capital LLC raised its position in IDEAYA Biosciences by 27.1% in the 2nd quarter. Samlyn Capital LLC now owns 611,820 shares of the company’s stock worth $21,481,000 after buying an additional 130,595 shares during the last quarter. Institutional investors own 98.29% of the company’s stock.

About IDEAYA Biosciences

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.