IDEAYA Biosciences (NASDAQ:IDYA) Shares Down 2.2%

Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA) dropped 2.2% on Wednesday . The stock traded as low as $35.01 and last traded at $35.01. Approximately 29,583 shares were traded during trading, a decline of 96% from the average daily volume of 837,373 shares. The stock had previously closed at $35.78.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on IDYA. Oppenheimer cut their price target on IDEAYA Biosciences from $60.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $61.00 price objective on shares of IDEAYA Biosciences in a research report on Wednesday, August 7th. Stifel Nicolaus boosted their target price on IDEAYA Biosciences from $63.00 to $68.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. decreased their price target on shares of IDEAYA Biosciences from $69.00 to $66.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Finally, Wedbush reissued an “outperform” rating and issued a $54.00 price objective on shares of IDEAYA Biosciences in a research note on Wednesday, August 7th. Twelve equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, IDEAYA Biosciences currently has a consensus rating of “Buy” and a consensus target price of $56.20.

IDEAYA Biosciences Stock Performance

The stock’s 50-day moving average price is $39.15 and its two-hundred day moving average price is $39.90. The stock has a market capitalization of $2.66 billion, a PE ratio of -17.78 and a beta of 0.84.

IDEAYA Biosciences (NASDAQ:IDYA) last released its earnings results on Tuesday, August 6th. The company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.54) by ($0.14). IDEAYA Biosciences had a negative return on equity of 20.52% and a negative net margin of 483.05%. During the same period in the prior year, the company earned ($0.50) earnings per share. On average, analysts predict that IDEAYA Biosciences, Inc. will post -2.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IDEAYA Biosciences

A number of institutional investors have recently made changes to their positions in IDYA. Vanguard Group Inc. increased its holdings in IDEAYA Biosciences by 19.6% in the 1st quarter. Vanguard Group Inc. now owns 4,155,757 shares of the company’s stock worth $182,355,000 after buying an additional 679,985 shares in the last quarter. Capital Research Global Investors raised its holdings in shares of IDEAYA Biosciences by 43.6% during the fourth quarter. Capital Research Global Investors now owns 1,976,870 shares of the company’s stock valued at $70,337,000 after purchasing an additional 600,000 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of IDEAYA Biosciences by 17.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,566,278 shares of the company’s stock valued at $126,889,000 after purchasing an additional 535,909 shares during the last quarter. Fisher Asset Management LLC lifted its position in IDEAYA Biosciences by 1,611.9% during the fourth quarter. Fisher Asset Management LLC now owns 539,676 shares of the company’s stock valued at $19,202,000 after purchasing an additional 508,151 shares during the period. Finally, Sofinnova Investments Inc. raised its stake in IDEAYA Biosciences by 47.3% during the 2nd quarter. Sofinnova Investments Inc. now owns 1,151,528 shares of the company’s stock valued at $40,430,000 after buying an additional 369,932 shares during the last quarter. Hedge funds and other institutional investors own 98.29% of the company’s stock.

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.