IDEAYA Biosciences (NASDAQ:IDYA) Earns Outperform Rating from Wedbush

IDEAYA Biosciences (NASDAQ:IDYA)‘s stock had its “outperform” rating reaffirmed by analysts at Wedbush in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $52.00 price target on the stock. Wedbush’s price objective indicates a potential upside of 103.20% from the company’s current price.

IDYA has been the topic of several other research reports. Citigroup reduced their target price on shares of IDEAYA Biosciences from $60.00 to $58.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Stifel Nicolaus lifted their price objective on IDEAYA Biosciences from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Stephens started coverage on IDEAYA Biosciences in a research note on Monday, November 18th. They issued an “overweight” rating and a $51.00 target price for the company. Cantor Fitzgerald initiated coverage on IDEAYA Biosciences in a research report on Tuesday, October 15th. They set an “overweight” rating on the stock. Finally, Leerink Partners downgraded IDEAYA Biosciences from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $41.00 to $27.00 in a research report on Tuesday, November 5th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.67.

IDEAYA Biosciences Stock Performance

NASDAQ IDYA opened at $25.59 on Tuesday. The company has a market capitalization of $2.21 billion, a P/E ratio of -10.98 and a beta of 0.79. IDEAYA Biosciences has a 52-week low of $24.72 and a 52-week high of $47.74. The company has a fifty day moving average of $28.49 and a 200-day moving average of $34.17.

IDEAYA Biosciences (NASDAQ:IDYA) last announced its quarterly earnings data 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 period in the previous year, the firm earned ($0.46) EPS. As a group, analysts forecast that IDEAYA Biosciences will post -2.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. State Street Corp lifted its position in shares of IDEAYA Biosciences by 15.4% in the 3rd quarter. State Street Corp now owns 3,317,936 shares of the company’s stock worth $105,112,000 after purchasing an additional 443,640 shares during the period. Nisa Investment Advisors LLC raised its stake in IDEAYA Biosciences by 38.4% in the second quarter. Nisa Investment Advisors LLC now owns 3,340 shares of the company’s stock worth $117,000 after buying an additional 927 shares in the last quarter. Quest Partners LLC purchased a new stake in IDEAYA Biosciences in the second quarter worth about $41,000. Scientech Research LLC boosted its position in IDEAYA Biosciences by 362.3% during the 2nd quarter. Scientech Research LLC now owns 27,708 shares of the company’s stock valued at $973,000 after acquiring an additional 21,714 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. grew its holdings in shares of IDEAYA Biosciences by 34.4% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 884,538 shares of the company’s stock worth $31,056,000 after acquiring an additional 226,514 shares during the period. 98.29% of the stock is owned by hedge funds and other institutional investors.

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.