IDEAYA Biosciences (NASDAQ:IDYA) Shares Gap Up – Time to Buy?

Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA) gapped up before the market opened on Monday . The stock had previously closed at $30.50, but opened at $34.92. IDEAYA Biosciences shares last traded at $36.4770, with a volume of 3,993,533 shares traded.

Analyst Ratings Changes

A number of brokerages recently weighed in on IDYA. Cantor Fitzgerald restated an “overweight” rating on shares of IDEAYA Biosciences in a research report on Wednesday, February 18th. UBS Group began coverage on IDEAYA Biosciences in a research report on Wednesday, January 7th. They set a “buy” rating and a $50.00 price objective on the stock. Truist Financial boosted their price objective on IDEAYA Biosciences from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, January 6th. Royal Bank Of Canada restated an “outperform” rating and set a $49.00 price objective on shares of IDEAYA Biosciences in a research report on Wednesday, February 18th. Finally, Guggenheim restated a “buy” rating and set a $50.00 price objective on shares of IDEAYA Biosciences in a research report on Wednesday, February 18th. Fifteen research 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. Based on data from MarketBeat.com, IDEAYA Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $48.69.

IDEAYA Biosciences Trading Up 6.5%

The business has a 50-day simple moving average of $32.44 and a 200 day simple moving average of $32.53. The stock has a market cap of $2.85 billion, a P/E ratio of -24.82 and a beta of 0.02.

IDEAYA Biosciences (NASDAQ:IDYA) last released its quarterly earnings results on Tuesday, February 17th. The company reported ($0.94) EPS for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.09. The company had revenue of $10.88 million during the quarter, compared to the consensus estimate of $5.95 million. During the same quarter last year, the firm posted ($1.49) EPS. The company’s quarterly revenue was up 55.7% on a year-over-year basis. As a group, equities analysts expect that IDEAYA Biosciences, Inc. will post -3.07 earnings per share for the current year.

Insider Activity at IDEAYA Biosciences

In related news, Director Jeffrey Stein purchased 50,000 shares of IDEAYA Biosciences stock in a transaction on Monday, March 2nd. The shares were purchased at an average price of $32.96 per share, for a total transaction of $1,648,000.00. Following the transaction, the director owned 54,281 shares of the company’s stock, valued at approximately $1,789,101.76. This represents a 1,167.95% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On IDEAYA Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in IDYA. GSK plc bought a new stake in shares of IDEAYA Biosciences during the 4th quarter valued at about $46,093,000. Baker BROS. Advisors LP increased its holdings in IDEAYA Biosciences by 54.6% in the third quarter. Baker BROS. Advisors LP now owns 3,275,444 shares of the company’s stock worth $89,125,000 after purchasing an additional 1,156,716 shares in the last quarter. State Street Corp increased its holdings in IDEAYA Biosciences by 27.6% in the fourth quarter. State Street Corp now owns 4,134,641 shares of the company’s stock worth $142,935,000 after purchasing an additional 893,707 shares in the last quarter. Janus Henderson Group PLC increased its holdings in IDEAYA Biosciences by 11.8% in the fourth quarter. Janus Henderson Group PLC now owns 7,186,456 shares of the company’s stock worth $248,344,000 after purchasing an additional 758,117 shares in the last quarter. Finally, First Turn Management LLC bought a new stake in IDEAYA Biosciences in the fourth quarter worth approximately $25,017,000. Institutional investors 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.