Citigroup Forecasts Strong Price Appreciation for IDEAYA Biosciences (NASDAQ:IDYA) Stock

IDEAYA Biosciences (NASDAQ:IDYA) had its price target lifted by equities research analysts at Citigroup from $65.00 to $66.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup‘s price objective would indicate a potential upside of 111.27% from the stock’s current price.

Several other analysts have also recently commented on IDYA. Citizens Jmp reiterated a “market outperform” rating and set a $42.00 target price on shares of IDEAYA Biosciences in a research report on Tuesday, September 1st. Guggenheim reduced their price target on IDEAYA Biosciences from $57.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday. Wall Street Zen cut IDEAYA Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Cantor Fitzgerald reiterated an “overweight” rating on shares of IDEAYA Biosciences in a report on Tuesday, September 22nd. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of IDEAYA Biosciences in a report on Tuesday, September 1st. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.00.

IDEAYA Biosciences Trading Up 1.9%

Shares of NASDAQ:IDYA traded up $0.59 during trading on Thursday, hitting $31.24. 1,652,526 shares of the company’s stock were exchanged, compared to its average volume of 883,716. The firm has a market cap of $2.74 billion, a P/E ratio of -6.96 and a beta of 0.08. The firm has a 50-day moving average price of $36.28 and a two-hundred day moving average price of $33.98. IDEAYA Biosciences has a 1-year low of $26.81 and a 1-year high of $42.68.

IDEAYA Biosciences (NASDAQ:IDYA) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported ($1.22) earnings per share for the quarter, missing the consensus estimate of ($1.18) by ($0.04). IDEAYA Biosciences had a negative net margin of 75.93% and a negative return on equity of 16.73%. The business had revenue of $10.24 million during the quarter, compared to analyst estimates of $7.58 million. During the same quarter in the prior year, the company earned $1.33 earnings per share. The company’s quarterly revenue was up 14.6% on a year-over-year basis. As a group, research analysts predict that IDEAYA Biosciences will post -4.62 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Yujiro Hata sold 26,338 shares of the business’s stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $37.41, for a total transaction of $985,304.58. Following the completion of the transaction, the chief executive officer owned 690,695 shares in the company, valued at approximately $25,838,899.95. The trade was a 3.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.70% of the stock is owned by insiders.

Institutional Investors Weigh In On IDEAYA Biosciences

Several hedge funds have recently bought and sold shares of IDYA. Man Group plc acquired a new position in shares of IDEAYA Biosciences in the 2nd quarter valued at $9,149,000. Bank of America Corp DE bought a new stake in shares of IDEAYA Biosciences in the 2nd quarter valued at $38,244,000. Great Lakes Advisors LLC acquired a new stake in IDEAYA Biosciences during the 2nd quarter worth $3,270,000. Walleye Capital LLC acquired a new stake in IDEAYA Biosciences during the 2nd quarter worth $14,393,000. Finally, BlackRock Inc. acquired a new stake in IDEAYA Biosciences during the 2nd quarter worth $331,452,000. 98.29% of the stock is currently owned by institutional investors and hedge funds.

IDEAYA Biosciences Company Profile

IDEAYA Biosciences, Inc (NASDAQ:IDYA) is a biotechnology company focused on discovering and developing precision medicines for cancer. Its research emphasizes synthetic lethality, biomarker-driven drug discovery and molecularly defined patient populations, with the goal of matching targeted therapies to specific genetic alterations in tumors.

The company’s pipeline includes darovasertib, an investigational protein kinase C inhibitor being studied primarily for genetically defined cancers, including metastatic uveal melanoma.