IDEAYA Biosciences (NASDAQ:IDYA) Trading Down 4.5% - Here's Why

IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Get Free Report)'s share price fell 4.5% during mid-day trading on Tuesday . The company traded as low as $28.51 and last traded at $28.65. 159,748 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 846,881 shares. The stock had previously closed at $30.00.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on IDYA shares. UBS Group started coverage on IDEAYA Biosciences in a research note on Thursday, October 24th. They set a "buy" rating and a $50.00 price objective for the company. Oppenheimer reissued an "outperform" rating and issued a $53.00 target price on shares of IDEAYA Biosciences in a research note on Tuesday, October 29th. Lifesci Capital raised shares of IDEAYA Biosciences to a "strong-buy" rating in a research report on Monday, July 29th. Leerink Partners cut shares of IDEAYA Biosciences from an "outperform" rating to a "market perform" rating and lowered their target price for the company from $41.00 to $27.00 in a research note on Tuesday. Finally, BTIG Research raised their price target on IDEAYA Biosciences from $55.00 to $62.00 and gave the stock a "buy" rating in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $53.08.

IDEAYA Biosciences Trading Down 1.4 %

The company has a market cap of $2.50 billion, a price-to-earnings ratio of -13.51 and a beta of 0.86. The business has a fifty day moving average of $32.76 and a two-hundred day moving average of $36.84.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.03. During the same quarter in the previous year, the firm posted ($0.46) EPS. On average, research analysts forecast that IDEAYA Biosciences, Inc. will post -2.47 EPS for the current fiscal year.

Hedge Funds Weigh In On IDEAYA Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of IDYA. Allworth Financial LP lifted its position in shares of IDEAYA Biosciences by 800.0% during the 3rd quarter. Allworth Financial LP now owns 900 shares of the company's stock worth $29,000 after purchasing an additional 800 shares during the last quarter. Covestor Ltd increased its stake in IDEAYA Biosciences by 23,050.0% in the 3rd quarter. Covestor Ltd now owns 926 shares of the company's stock valued at $29,000 after buying an additional 922 shares during the period. Quest Partners LLC acquired a new position in shares of IDEAYA Biosciences during the second quarter worth about $41,000. US Bancorp DE increased its position in IDEAYA Biosciences by 67.2% during the 3rd quarter. US Bancorp DE now owns 1,714 shares of the company's stock worth $54,000 after purchasing an additional 689 shares during the period. Finally, Comerica Bank raised its position in IDEAYA Biosciences by 723.5% in 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. 98.29% of the stock is currently 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.