IDEAYA Biosciences’ (IDYA) “Buy” Rating Reiterated at Guggenheim

IDEAYA Biosciences (NASDAQ:IDYA)‘s stock had its “buy” rating reissued by research analysts at Guggenheim in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $50.00 price objective on the stock. Guggenheim’s price objective would suggest a potential upside of 61.29% from the stock’s current price.

Several other equities research analysts have also recently commented on IDYA. BTIG Research reiterated a “buy” rating and issued a $62.00 price target on shares of IDEAYA Biosciences in a research report on Tuesday, October 21st. Wedbush increased their target price on shares of IDEAYA Biosciences from $49.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday. The Goldman Sachs Group lifted their price target on shares of IDEAYA Biosciences from $27.00 to $30.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 21st. Mizuho upped their price target on IDEAYA Biosciences from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, November 11th. Finally, New Street Research set a $30.00 price objective on IDEAYA Biosciences in a research note on Tuesday, October 21st. Fifteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, IDEAYA Biosciences presently has a consensus rating of “Moderate Buy” and an average price target of $47.33.

IDEAYA Biosciences Price Performance

Shares of NASDAQ IDYA traded up $0.24 during mid-day trading on Wednesday, reaching $31.00. 79,934 shares of the company traded hands, compared to its average volume of 885,654. IDEAYA Biosciences has a fifty-two week low of $13.45 and a fifty-two week high of $39.28. The firm has a market cap of $2.72 billion, a PE ratio of -16.67 and a beta of 0.10. The stock has a fifty day simple moving average of $34.30 and a 200-day simple moving average of $30.44.

IDEAYA Biosciences (NASDAQ:IDYA) last issued its quarterly earnings results on Tuesday, February 17th. The company reported ($0.94) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.09. The firm had revenue of $21.75 million for the quarter, compared to the consensus estimate of $5.95 million. During the same period in the previous year, the business posted ($1.49) earnings per share. The business’s revenue for the quarter was up 55.7% compared to the same quarter last year. As a group, analysts predict that IDEAYA Biosciences will post -3.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IDYA. Engineers Gate Manager LP acquired a new position in shares of IDEAYA Biosciences in the fourth quarter worth $1,035,000. Balyasny Asset Management L.P. increased its position in IDEAYA Biosciences by 56.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 596,483 shares of the company’s stock worth $20,620,000 after purchasing an additional 216,172 shares during the last quarter. Baker BROS. Advisors LP raised its stake in shares of IDEAYA Biosciences by 10.5% during the 4th quarter. Baker BROS. Advisors LP now owns 3,618,826 shares of the company’s stock worth $125,103,000 after purchasing an additional 343,382 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of IDEAYA Biosciences by 206.7% during the 4th quarter. AQR Capital Management LLC now owns 68,177 shares of the company’s stock valued at $2,357,000 after buying an additional 45,951 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake in shares of IDEAYA Biosciences by 17.8% in the 4th quarter. Cetera Investment Advisers now owns 24,623 shares of the company’s stock valued at $851,000 after buying an additional 3,719 shares in the last quarter. 98.29% of the stock is owned by institutional investors and hedge funds.

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.