IDEAYA Biosciences’ (IDYA) Outperform Rating Reiterated at Wedbush

IDEAYA Biosciences (NASDAQ:IDYA)‘s stock had its “outperform” rating restated by research analysts at Wedbush in a report issued on Tuesday,Benzinga reports. They currently have a $52.00 price target on the stock. Wedbush’s target price would indicate a potential upside of 56.13% from the company’s previous close.

A number of other brokerages have also issued reports on IDYA. Citigroup boosted their target price on IDEAYA Biosciences from $64.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, February 19th. Wall Street Zen cut IDEAYA Biosciences from a “buy” rating to a “sell” rating in a research note on Saturday, February 21st. Truist Financial increased their target price on IDEAYA Biosciences from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, January 6th. UBS Group started coverage on IDEAYA Biosciences in a report on Wednesday, January 7th. They set a “buy” rating and a $50.00 target price for the company. Finally, Guggenheim reiterated a “buy” rating and set a $50.00 price target on shares of IDEAYA Biosciences in a research note on Wednesday, February 18th. Fifteen investment 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.69.

IDEAYA Biosciences Stock Up 5.9%

IDYA stock traded up $1.86 during mid-day trading on Tuesday, hitting $33.31. 120,158 shares of the company were exchanged, compared to its average volume of 903,467. IDEAYA Biosciences has a 12-month low of $13.45 and a 12-month high of $39.28. The firm has a market capitalization of $2.92 billion, a P/E ratio of -25.37 and a beta of 0.09. The business has a fifty day simple moving average of $32.91 and a 200-day simple moving average of $32.11.

IDEAYA Biosciences (NASDAQ:IDYA) last released 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 company had revenue of $21.75 million during the quarter, compared to analysts’ expectations of $5.95 million. During the same period last year, the firm posted ($1.49) earnings per share. IDEAYA Biosciences’s revenue was up 55.7% on a year-over-year basis. Research analysts predict that IDEAYA Biosciences will post -3.07 EPS for the current year.

Insider Activity

In related news, Director Jeffrey Stein acquired 50,000 shares of the stock in a transaction dated Monday, March 2nd. The stock was acquired at an average cost of $32.96 per share, with a total value of $1,648,000.00. Following the completion of the transaction, the director owned 54,281 shares in the company, valued at $1,789,101.76. This represents a 1,167.95% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. grew its stake in shares of IDEAYA Biosciences by 1,071.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 3,795 shares of the company’s stock worth $131,000 after purchasing an additional 3,471 shares in the last quarter. Flax Pond Capital LLC acquired a new position in shares of IDEAYA Biosciences during the 4th quarter worth about $1,353,000. Invesco Ltd. raised its position in shares of IDEAYA Biosciences by 91.9% during the 4th quarter. Invesco Ltd. now owns 238,314 shares of the company’s stock worth $8,239,000 after acquiring an additional 114,118 shares in the last quarter. XTX Topco Ltd purchased a new stake in IDEAYA Biosciences during the fourth quarter worth approximately $2,288,000. Finally, Virtus Investment Advisers LLC boosted its holdings in IDEAYA Biosciences by 53.1% in the fourth quarter. Virtus Investment Advisers LLC now owns 7,819 shares of the company’s stock valued at $270,000 after purchasing an additional 2,712 shares in the last quarter. Institutional investors and hedge funds own 98.29% of the company’s stock.

IDEAYA Biosciences Company Profile

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.