IDEAYA Biosciences (NASDAQ:IDYA) Stock Price Down 7.8% - Here's Why

Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Get Free Report) traded down 7.8% during trading on Tuesday . The stock traded as low as $15.34 and last traded at $15.10. 321,759 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 861,164 shares. The stock had previously closed at $16.38.

Analysts Set New Price Targets

A number of research firms have recently weighed in on IDYA. Royal Bank of Canada reissued an "outperform" rating and issued a $61.00 price target on shares of IDEAYA Biosciences in a report on Wednesday, January 15th. Wedbush reissued an "outperform" rating and set a $52.00 price objective on shares of IDEAYA Biosciences in a research note on Tuesday, December 17th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of IDEAYA Biosciences in a research note on Monday, January 13th. Finally, Stephens reissued an "overweight" rating and set a $50.00 price target on shares of IDEAYA Biosciences in a research note on Friday, February 14th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, IDEAYA Biosciences has a consensus rating of "Moderate Buy" and a consensus price target of $53.58.

IDEAYA Biosciences Price Performance

The company has a market cap of $1.29 billion, a PE ratio of -4.46 and a beta of 0.51. The company has a 50-day moving average price of $20.05 and a two-hundred day moving average price of $25.11.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by ($0.82). The company had revenue of $7.00 million for the quarter, compared to analysts' expectations of $7.00 million. On average, equities research analysts anticipate that IDEAYA Biosciences, Inc. will post -3.07 earnings per share for the current year.

Institutional Investors Weigh In On IDEAYA Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. R Squared Ltd bought a new position in IDEAYA Biosciences during the 4th quarter worth approximately $35,000. GF Fund Management CO. LTD. acquired a new position in shares of IDEAYA Biosciences in the 4th quarter valued at about $47,000. Daiwa Securities Group Inc. grew its position in shares of IDEAYA Biosciences by 44.0% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,792 shares of the company's stock valued at $72,000 after buying an additional 853 shares during the last quarter. Quantbot Technologies LP acquired a new position in IDEAYA Biosciences in the third quarter valued at approximately $83,000. Finally, KBC Group NV grew its holdings in shares of IDEAYA Biosciences by 84.6% during the fourth quarter. KBC Group NV now owns 4,197 shares of the company's stock valued at $108,000 after purchasing an additional 1,923 shares during the last quarter. 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.