IDEAYA Biosciences (NASDAQ:IDYA) Price Target Raised to $48.00

IDEAYA Biosciences (NASDAQ:IDYA) had its price objective hoisted by Wells Fargo & Company from $44.00 to $48.00 in a report issued on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also recently issued reports on IDYA. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IDEAYA Biosciences in a report on Thursday, January 22nd. Wall Street Zen cut IDEAYA Biosciences from a “buy” rating to a “sell” rating in a report on Saturday, February 21st. Wedbush lifted their price target on IDEAYA Biosciences from $52.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday. Citigroup lifted their price target on IDEAYA Biosciences from $64.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, February 19th. Finally, Truist Financial set a $65.00 price target on IDEAYA Biosciences in a report on Monday. Fifteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, IDEAYA Biosciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.44.

IDEAYA Biosciences Stock Up 1.0%

IDEAYA Biosciences stock opened at $32.51 on Tuesday. The stock has a 50-day simple moving average of $32.37 and a 200 day simple moving average of $32.62. IDEAYA Biosciences has a 12-month low of $16.07 and a 12-month high of $39.28. The stock has a market capitalization of $2.85 billion, a price-to-earnings 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) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.09. The business had revenue of $10.88 million during the quarter, compared to the consensus estimate of $5.95 million. During the same period in the prior year, the firm earned ($1.49) earnings per share. The business’s quarterly revenue was up 55.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that IDEAYA Biosciences will post -3.07 EPS for the current year.

Insider Buying and Selling

In other news, Director Jeffrey Stein acquired 50,000 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was purchased at an average cost of $32.96 per share, for a total transaction of $1,648,000.00. Following the completion of the transaction, the director directly owned 54,281 shares in the company, valued at $1,789,101.76. This trade represents a 1,167.95% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.50% of the stock is currently owned by insiders.

Institutional Trading of IDEAYA Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Iron Triangle Partners LP acquired a new position in shares of IDEAYA Biosciences during the 3rd quarter worth about $7,347,000. General American Investors Co. Inc. grew its position in shares of IDEAYA Biosciences by 7.7% during the 3rd quarter. General American Investors Co. Inc. now owns 280,261 shares of the company’s stock worth $7,626,000 after buying an additional 20,000 shares during the period. Candriam S.C.A. grew its position in shares of IDEAYA Biosciences by 10.8% during the 3rd quarter. Candriam S.C.A. now owns 1,012,967 shares of the company’s stock worth $27,563,000 after buying an additional 98,567 shares during the period. Cinctive Capital Management LP grew its position in shares of IDEAYA Biosciences by 193.9% during the 3rd quarter. Cinctive Capital Management LP now owns 49,946 shares of the company’s stock worth $1,359,000 after buying an additional 32,953 shares during the period. Finally, Envestnet Asset Management Inc. grew its position in shares of IDEAYA Biosciences by 174.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 299,032 shares of the company’s stock worth $8,137,000 after buying an additional 189,877 shares during the period. 98.29% of the stock is currently 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.