IDEAYA Biosciences (NASDAQ:IDYA) Trading 8.6% Higher – Here’s Why

Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA) shot up 8.6% on Monday . The stock traded as high as $33.62 and last traded at $33.9270. 489,100 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 1,096,371 shares. The stock had previously closed at $31.23.

Analyst Upgrades and Downgrades

IDYA has been the subject of a number of analyst reports. Wells Fargo & Company raised their price target on IDEAYA Biosciences from $44.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, April 14th. Wedbush reiterated an “outperform” rating and issued a $58.00 price target on shares of IDEAYA Biosciences in a report on Friday, June 12th. The Goldman Sachs Group upped their price objective on shares of IDEAYA Biosciences from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Tuesday, April 14th. Wall Street Zen upgraded shares of IDEAYA Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, June 13th. Finally, Mizuho lowered their price objective on shares of IDEAYA Biosciences from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Thursday, May 7th. Fifteen equities research 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.69.

IDEAYA Biosciences Price Performance

The firm has a market capitalization of $3.17 billion, a P/E ratio of -22.48 and a beta of -0.05. The stock’s fifty day simple moving average is $29.94 and its 200 day simple moving average is $32.32.

IDEAYA Biosciences (NASDAQ:IDYA) last issued its earnings results on Tuesday, May 5th. The company reported ($1.11) EPS for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.04). The company had revenue of $6.56 million during the quarter, compared to analysts’ expectations of $5.04 million. The firm’s revenue was down 39.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.82) EPS. As a group, sell-side analysts forecast that IDEAYA Biosciences, Inc. will post -4.13 EPS for the current fiscal year.

Institutional Trading of IDEAYA Biosciences

Large investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC grew its stake in IDEAYA Biosciences by 171.1% during the 4th quarter. Farther Finance Advisors LLC now owns 919 shares of the company’s stock worth $32,000 after purchasing an additional 580 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of IDEAYA Biosciences during the third quarter worth about $38,000. ANTIPODES PARTNERS Ltd lifted its position in IDEAYA Biosciences by 49.4% during the 4th quarter. ANTIPODES PARTNERS Ltd now owns 1,150 shares of the company’s stock worth $40,000 after acquiring an additional 380 shares during the period. Global Retirement Partners LLC acquired a new stake in shares of IDEAYA Biosciences during the fourth quarter worth $61,000. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of IDEAYA Biosciences by 16.1% in the second quarter. Daiwa Securities Group Inc. now owns 3,141 shares of the company’s stock valued at $66,000 after acquiring an additional 436 shares in the last quarter. 98.29% of the stock is currently owned by hedge funds and other institutional investors.

IDEAYA Biosciences Company Profile

IDEAYA Biosciences is a clinical-stage precision oncology company dedicated to the discovery and development of novel therapies that exploit synthetic lethality in cancer cells. By targeting key DNA damage response pathways, the company aims to selectively kill tumor cells exhibiting specific genetic vulnerabilities while sparing healthy tissue. IDEAYA’s pipeline includes small-molecule inhibitors designed to address underserved tumor types, and its lead programs are advancing through Phase 1 and Phase 2 clinical trials in multiple oncology indications.

Central to IDEAYA’s approach is its Modular Approach to Precision (MAP) platform, which integrates proprietary genomic and functional screening technologies to identify critical cancer-specific dependencies.