IDEAYA Biosciences (NASDAQ:IDYA) Receives Outperform Rating from Wedbush

IDEAYA Biosciences (NASDAQ:IDYA)‘s stock had its “outperform” rating reaffirmed by equities researchers at Wedbush in a research report issued on Friday,Benzinga reports. They presently have a $58.00 price objective on the stock. Wedbush’s price target would suggest a potential upside of 97.08% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of IDEAYA Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. The Goldman Sachs Group upped their target price on shares of IDEAYA Biosciences from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Tuesday, April 14th. Wells Fargo & Company increased their price target on shares of IDEAYA Biosciences from $44.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, April 14th. Royal Bank Of Canada raised their price target on shares of IDEAYA Biosciences from $49.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of IDEAYA Biosciences in a report on Tuesday, April 21st. Fifteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.69.

IDEAYA Biosciences Price Performance

Shares of NASDAQ IDYA traded up $0.59 during trading hours on Friday, hitting $29.43. 66,410 shares of the company’s stock were exchanged, compared to its average volume of 1,087,787. The company’s 50-day moving average price is $29.96 and its 200-day moving average price is $32.51. IDEAYA Biosciences has a 1-year low of $20.50 and a 1-year high of $39.28. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of -18.41 and a beta of -0.05.

IDEAYA Biosciences (NASDAQ:IDYA) last released its earnings results on Tuesday, May 5th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.04). The business had revenue of $6.56 million during the quarter, compared to analysts’ expectations of $5.04 million. The firm’s revenue was down 39.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.82) earnings per share. On average, research analysts expect that IDEAYA Biosciences will post -4.27 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Royal Bank of Canada boosted its stake in IDEAYA Biosciences by 30.1% during the first quarter. Royal Bank of Canada now owns 122,460 shares of the company’s stock worth $2,006,000 after buying an additional 28,322 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of IDEAYA Biosciences by 8.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,044 shares of the company’s stock valued at $938,000 after buying an additional 4,308 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of IDEAYA Biosciences by 345.2% during the 1st quarter. Millennium Management LLC now owns 547,637 shares of the company’s stock worth $8,970,000 after acquiring an additional 424,625 shares during the period. American Century Companies Inc. lifted its holdings in shares of IDEAYA Biosciences by 862.7% during the 2nd quarter. American Century Companies Inc. now owns 114,644 shares of the company’s stock worth $2,410,000 after acquiring an additional 102,736 shares during the period. Finally, Norges Bank acquired a new stake in shares of IDEAYA Biosciences during the 2nd quarter valued at about $643,000. 98.29% of the stock is currently owned by institutional investors and hedge funds.

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.