IDEAYA Biosciences (NASDAQ:IDYA) Trading 8.6% Higher – Here’s What Happened

Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA) traded up 8.6% on Monday . The stock traded as high as $33.62 and last traded at $33.9270. Approximately 489,100 shares changed hands during trading, a decline of 55% from the average session volume of 1,096,371 shares. The stock had previously closed at $31.23.

Analyst Ratings Changes

Several brokerages recently weighed in on IDYA. Wedbush reissued an “outperform” rating and issued a $58.00 price objective on shares of IDEAYA Biosciences in a report on Friday, June 12th. Guggenheim increased their target price on shares of IDEAYA Biosciences from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Citigroup reiterated a “market outperform” rating on shares of IDEAYA Biosciences in a research note on Tuesday, June 2nd. Mizuho lowered their price target on shares of IDEAYA Biosciences from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Thursday, May 7th. Finally, Wall Street Zen upgraded shares of IDEAYA Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, June 13th. 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.69.

IDEAYA Biosciences Price Performance

The firm’s 50 day moving average is $29.79 and its 200 day moving average is $32.31. The company has a market cap of $2.99 billion, a PE ratio of -21.24 and a beta of -0.04.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its earnings results on Tuesday, May 5th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.07) by ($0.04). The business had revenue of $6.56 million for the quarter, compared to analyst estimates of $5.04 million. During the same quarter in the previous year, the company earned ($0.82) EPS. IDEAYA Biosciences’s quarterly revenue was down 39.4% on a year-over-year basis. As a group, analysts anticipate that IDEAYA Biosciences, Inc. will post -4.13 EPS for the current year.

Institutional Investors Weigh In On IDEAYA Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the business. 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 valued at $2,006,000 after buying an additional 28,322 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in 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 worth $938,000 after acquiring an additional 4,308 shares during the last quarter. Millennium Management LLC increased its stake in IDEAYA Biosciences by 345.2% in 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 last quarter. American Century Companies Inc. raised its holdings in shares of IDEAYA Biosciences by 862.7% in the 2nd quarter. American Century Companies Inc. now owns 114,644 shares of the company’s stock valued at $2,410,000 after acquiring an additional 102,736 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of IDEAYA Biosciences in the 2nd quarter valued at about $643,000. Hedge funds and other institutional investors own 98.29% of the company’s stock.

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.