IDEAYA Biosciences, Inc. (NASDAQ:IDYA) Sees Large Increase in Short Interest

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) saw a large growth in short interest in November. As of November 15th, there was short interest totalling 10,060,000 shares, a growth of 8.1% from the October 31st total of 9,310,000 shares. Based on an average daily trading volume, of 830,000 shares, the days-to-cover ratio is presently 12.1 days. Currently, 13.0% of the shares of the company are sold short.

IDEAYA Biosciences Stock Performance

NASDAQ:IDYA opened at $27.45 on Tuesday. IDEAYA Biosciences has a 12-month low of $25.20 and a 12-month high of $47.74. The business has a 50 day simple moving average of $29.53 and a 200 day simple moving average of $35.23.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.60) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.03. During the same quarter last year, the company posted ($0.46) EPS. On average, equities research analysts predict that IDEAYA Biosciences will post -2.46 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on IDYA. Leerink Partners cut IDEAYA Biosciences from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $41.00 to $27.00 in a research report on Tuesday, November 5th. Leerink Partnrs downgraded IDEAYA Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $61.00 target price on shares of IDEAYA Biosciences in a research report on Tuesday, September 24th. Wedbush restated an “outperform” rating and set a $52.00 target price on shares of IDEAYA Biosciences in a research note on Monday, November 4th. Finally, JPMorgan Chase & Co. cut their target price on IDEAYA Biosciences from $69.00 to $66.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $53.67.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC lifted its holdings in IDEAYA Biosciences by 38.4% in the second quarter. Nisa Investment Advisors LLC now owns 3,340 shares of the company’s stock valued at $117,000 after acquiring an additional 927 shares during the period. Quest Partners LLC acquired a new stake in shares of IDEAYA Biosciences during the second quarter worth $41,000. Scientech Research LLC lifted its stake in shares of IDEAYA Biosciences by 362.3% in the 2nd quarter. Scientech Research LLC now owns 27,708 shares of the company’s stock valued at $973,000 after purchasing an additional 21,714 shares during the period. D. E. Shaw & Co. Inc. increased its position in shares of IDEAYA Biosciences by 34.4% during the second quarter. D. E. Shaw & Co. Inc. now owns 884,538 shares of the company’s stock worth $31,056,000 after purchasing an additional 226,514 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in shares of IDEAYA Biosciences by 24.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 104,553 shares of the company’s stock valued at $3,671,000 after purchasing an additional 20,607 shares during the last quarter. Hedge funds and other 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.