IDEAYA Biosciences (NASDAQ:IDYA) Shares Down 3.7% – Here’s What Happened

IDEAYA Biosciences, Inc. (NASDAQ:IDYA)’s share price traded down 3.7% on Wednesday . The stock traded as low as $29.92 and last traded at $29.92. 179,327 shares traded hands during trading, a decline of 79% from the average session volume of 861,409 shares. The stock had previously closed at $31.06.

Analysts Set New Price Targets

IDYA has been the topic of a number of analyst reports. Stifel Nicolaus lifted their price objective on IDEAYA Biosciences from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Lifesci Capital upgraded shares of IDEAYA Biosciences to a “strong-buy” rating in a report on Monday, July 29th. JPMorgan Chase & Co. decreased their target price on shares of IDEAYA Biosciences from $69.00 to $66.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Wedbush lowered their target price on shares of IDEAYA Biosciences from $54.00 to $52.00 and set an “outperform” rating for the company in a research note on Tuesday, September 24th. Finally, Oppenheimer decreased their price objective on IDEAYA Biosciences from $60.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Twelve analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $56.00.

IDEAYA Biosciences Stock Down 5.1 %

The company has a 50 day simple moving average of $36.25 and a 200 day simple moving average of $38.50. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of -14.79 and a beta of 0.82.

IDEAYA Biosciences (NASDAQ:IDYA) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.68) earnings per share (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 quarter in the previous year, the company earned ($0.50) EPS. On average, research analysts forecast that IDEAYA Biosciences, Inc. will post -2.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of IDEAYA Biosciences by 19.6% during the 1st quarter. Vanguard Group Inc. now owns 4,155,757 shares of the company’s stock valued at $182,355,000 after buying an additional 679,985 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of IDEAYA Biosciences by 17.7% in 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 period. Fisher Asset Management LLC grew its holdings in IDEAYA Biosciences by 1,611.9% during the 4th 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 in the last quarter. Sofinnova Investments Inc. increased 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 worth $40,430,000 after buying an additional 369,932 shares during the period. Finally, First Light Asset Management LLC acquired a new position in IDEAYA Biosciences in the 4th quarter worth $12,299,000. Institutional investors and hedge funds 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.