IDEAYA Biosciences (NASDAQ:IDYA) Stock Price Down 4.5% – Here’s Why

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) shares were down 4.5% during mid-day trading on Tuesday . The company traded as low as $28.51 and last traded at $28.65. Approximately 159,748 shares changed hands during trading, a decline of 81% from the average daily volume of 846,881 shares. The stock had previously closed at $30.00.

Analyst Ratings Changes

A number of equities research analysts have weighed in on IDYA shares. Lifesci Capital upgraded shares of IDEAYA Biosciences to a “strong-buy” rating in a research note on Monday, July 29th. UBS Group started coverage on shares of IDEAYA Biosciences in a research report on Thursday, October 24th. They set a “buy” rating and a $50.00 target price on the stock. Cantor Fitzgerald started coverage on shares of IDEAYA Biosciences in a research note on Tuesday, October 15th. They issued an “overweight” rating on the stock. Leerink Partners cut shares of IDEAYA Biosciences from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $41.00 to $27.00 in a research note on Tuesday. Finally, Citigroup lowered their price objective on IDEAYA Biosciences from $60.00 to $58.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.08.

IDEAYA Biosciences Trading Up 2.8 %

The business’s fifty day simple moving average is $32.57 and its 200 day simple moving average is $36.79. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of -13.05 and a beta of 0.86.

IDEAYA Biosciences (NASDAQ:IDYA) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.60) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.03. During the same period in the prior year, the company posted ($0.46) earnings per share. As a group, research analysts anticipate that IDEAYA Biosciences, Inc. will post -2.51 earnings per share for the current year.

Institutional Investors Weigh In On IDEAYA Biosciences

Several large investors have recently bought and sold shares of the company. Allworth Financial LP raised its position in shares of IDEAYA Biosciences by 800.0% during the third quarter. Allworth Financial LP now owns 900 shares of the company’s stock worth $29,000 after purchasing an additional 800 shares during the period. Covestor Ltd raised its holdings in IDEAYA Biosciences by 23,050.0% during the 3rd quarter. Covestor Ltd now owns 926 shares of the company’s stock worth $29,000 after buying an additional 922 shares during the period. Quest Partners LLC bought a new position in IDEAYA Biosciences in the second quarter valued at approximately $41,000. US Bancorp DE lifted its stake in IDEAYA Biosciences by 67.2% in the third quarter. US Bancorp DE now owns 1,714 shares of the company’s stock valued at $54,000 after buying an additional 689 shares in the last quarter. Finally, Comerica Bank increased its position in shares of IDEAYA Biosciences by 723.5% during the first quarter. Comerica Bank now owns 1,507 shares of the company’s stock worth $66,000 after acquiring an additional 1,324 shares in the last quarter. Institutional investors own 98.29% of the company’s stock.

About IDEAYA Biosciences

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.