Wedbush Reiterates Outperform Rating for IDEAYA Biosciences (NASDAQ:IDYA)

IDEAYA Biosciences (NASDAQ:IDYA)‘s stock had its “outperform” rating reiterated by equities research analysts at Wedbush in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $52.00 price objective on the stock. Wedbush’s target price suggests a potential upside of 56.13% from the company’s previous close.

Other analysts have also issued research reports about the stock. Guggenheim reiterated a “buy” rating and issued a $50.00 target price on shares of IDEAYA Biosciences in a research report on Wednesday, February 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of IDEAYA Biosciences in a report on Thursday, January 22nd. Truist Financial increased their target price on IDEAYA Biosciences from $59.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. UBS Group initiated coverage on IDEAYA Biosciences in a research note on Wednesday, January 7th. They issued a “buy” rating and a $50.00 price target on the stock. Finally, Wall Street Zen downgraded IDEAYA Biosciences from a “buy” rating to a “sell” rating in a research note on Saturday, February 21st. Fifteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.69.

IDEAYA Biosciences Stock Up 5.9%

Shares of IDYA stock traded up $1.86 during trading hours on Tuesday, hitting $33.31. 120,158 shares of the company’s stock were exchanged, compared to its average volume of 903,467. IDEAYA Biosciences has a fifty-two week low of $13.45 and a fifty-two week high of $39.28. The firm has a market cap of $2.92 billion, a P/E ratio of -25.37 and a beta of 0.09. The firm has a 50 day moving average of $32.91 and a two-hundred day moving average of $32.11.

IDEAYA Biosciences (NASDAQ:IDYA) last released its quarterly earnings results on Tuesday, February 17th. The company reported ($0.94) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.09. The company had revenue of $21.75 million during the quarter, compared to analyst estimates of $5.95 million. IDEAYA Biosciences’s revenue was up 55.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.49) EPS. On average, equities analysts forecast that IDEAYA Biosciences will post -3.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Jeffrey Stein acquired 50,000 shares of the stock in a transaction on Monday, March 2nd. The shares were bought at an average price of $32.96 per share, with a total value of $1,648,000.00. Following the completion of the purchase, the director owned 54,281 shares of the company’s stock, valued at approximately $1,789,101.76. This represents a 1,167.95% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.50% of the company’s stock.

Institutional Trading of IDEAYA Biosciences

Several large investors have recently added to or reduced their stakes in the stock. Iron Triangle Partners LP acquired a new position in shares of IDEAYA Biosciences during the 3rd quarter valued at about $7,347,000. General American Investors Co. Inc. raised its stake in IDEAYA Biosciences by 7.7% during the third quarter. General American Investors Co. Inc. now owns 280,261 shares of the company’s stock worth $7,626,000 after purchasing an additional 20,000 shares during the period. Candriam S.C.A. boosted its holdings in IDEAYA Biosciences by 10.8% in the 3rd quarter. Candriam S.C.A. now owns 1,012,967 shares of the company’s stock valued at $27,563,000 after purchasing an additional 98,567 shares during the last quarter. Cinctive Capital Management LP grew its stake in shares of IDEAYA Biosciences by 193.9% in the 3rd quarter. Cinctive Capital Management LP now owns 49,946 shares of the company’s stock valued at $1,359,000 after buying an additional 32,953 shares during the period. Finally, Knights of Columbus Asset Advisors LLC acquired a new stake in shares of IDEAYA Biosciences during the 3rd quarter worth approximately $934,000. 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.