IDEAYA Biosciences (NASDAQ:IDYA) Rating Lowered to “Market Perform” at Leerink Partners

Leerink Partners cut shares of IDEAYA Biosciences (NASDAQ:IDYA) from an outperform rating to a market perform rating in a research note released on Tuesday, Marketbeat reports. The brokerage currently has $27.00 target price on the stock, down from their prior target price of $41.00.

Other research analysts also recently issued research reports about the company. JPMorgan Chase & Co. dropped their price target on IDEAYA Biosciences from $69.00 to $66.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Stifel Nicolaus raised their target price on shares of IDEAYA Biosciences from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Cantor Fitzgerald began coverage on shares of IDEAYA Biosciences in a research report on Tuesday, October 15th. They issued an “overweight” rating for the company. Citigroup lowered their price objective on shares of IDEAYA Biosciences from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Finally, BTIG Research upped their target price on shares of IDEAYA Biosciences from $55.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $53.08.

IDEAYA Biosciences Trading Down 1.4 %

Shares of NASDAQ:IDYA opened at $29.58 on Tuesday. The firm has a 50 day simple moving average of $32.76 and a 200-day simple moving average of $36.84. IDEAYA Biosciences has a twelve month low of $27.52 and a twelve month high of $47.74. The company has a market capitalization of $2.50 billion, a PE ratio of -13.51 and a beta of 0.86.

IDEAYA Biosciences (NASDAQ:IDYA) last announced its quarterly earnings results on Monday, November 4th. The company reported ($0.60) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.03. During the same quarter in the previous year, the firm earned ($0.46) earnings per share. As a group, equities research analysts predict that IDEAYA Biosciences will post -2.47 EPS for the current fiscal year.

Hedge Funds Weigh In On IDEAYA Biosciences

A number of large investors have recently modified their holdings of IDYA. Vanguard Group Inc. boosted its stake in shares of IDEAYA Biosciences by 19.6% in the first quarter. Vanguard Group Inc. now owns 4,155,757 shares of the company’s stock valued at $182,355,000 after buying an additional 679,985 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in IDEAYA Biosciences by 13.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,052,500 shares of the company’s stock valued at $177,825,000 after buying an additional 486,222 shares in the last quarter. Sofinnova Investments Inc. boosted its stake in shares of IDEAYA Biosciences by 47.3% during the 2nd quarter. Sofinnova Investments Inc. now owns 1,151,528 shares of the company’s stock worth $40,430,000 after acquiring an additional 369,932 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of IDEAYA Biosciences by 7.2% in the 1st quarter. Janus Henderson Group PLC now owns 3,808,450 shares of the company’s stock worth $167,104,000 after acquiring an additional 256,559 shares during the period. Finally, Jennison Associates LLC purchased a new position in IDEAYA Biosciences in the 1st quarter valued at approximately $11,244,000. 98.29% of the stock is owned by hedge funds and other institutional investors.

IDEAYA Biosciences Company Profile

IDEAYA Biosciences, Inc, a synthetic lethality-focused precision medicine oncology company, discovers and develops targeted therapeutics for patient populations selected using molecular diagnostics in the United States. The company's products in development include IDE196, a protein kinase C inhibitor that is in Phase 2/3 clinical trials for genetically defined cancers having GNAQ or GNA11 gene mutations; IDE397, a methionine adenosyltransferase 2a inhibitor that is in Phase 1/2 clinical trials for patients with solid tumors having methylthioadenosine phosphorylase gene deletions, such as non-small cell lung, bladder, gastric, and esophageal cancers; IDE161, a poly ADP-ribose glycohydrolase inhibitor that is in Phase 1 clinical trial to treat tumors with homologous recombination deficiency (HRD), and other genetic or molecular signatures; GSK101, a Pol Theta Helicase inhibitor that is in Phase 1 clinical trial for the treatment of tumors with BRCA or other homologous recombination, and HRD mutations; and Werner Helicase inhibitors for tumors with high microsatellite instability.