UBS Group Initiates Coverage on IDEAYA Biosciences (NASDAQ:IDYA)

UBS Group started coverage on shares of IDEAYA Biosciences (NASDAQ:IDYA - Free Report) in a research note released on Thursday, MarketBeat reports. The firm issued a buy rating and a $50.00 target price on the stock.

IDYA has been the topic of a number of other reports. Cantor Fitzgerald began coverage on IDEAYA Biosciences in a research report on Tuesday, October 15th. They set an "overweight" rating on the stock. BTIG Research boosted their price objective on IDEAYA Biosciences from $55.00 to $62.00 and gave the stock a "buy" rating in a report on Tuesday, July 9th. Lifesci Capital raised shares of IDEAYA Biosciences to a "strong-buy" rating in a research note on Monday, July 29th. Oppenheimer dropped their target price on shares of IDEAYA Biosciences from $60.00 to $53.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 7th. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $61.00 price target on shares of IDEAYA Biosciences in a research report on Tuesday, September 24th. Fourteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $55.45.

IDEAYA Biosciences Price Performance

Shares of IDYA traded down $0.30 during mid-day trading on Thursday, hitting $29.20. The company's stock had a trading volume of 575,812 shares, compared to its average volume of 853,957. The firm has a 50-day moving average price of $34.50 and a 200 day moving average price of $37.60. IDEAYA Biosciences has a fifty-two week low of $23.41 and a fifty-two week high of $47.74. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of -14.53 and a beta of 0.82.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.54) by ($0.14). During the same period in the previous year, the business posted ($0.50) EPS. As a group, equities analysts anticipate that IDEAYA Biosciences will post -2.51 EPS for the current fiscal year.

Hedge Funds Weigh In On IDEAYA Biosciences

Hedge funds have recently modified their holdings of the stock. Allworth Financial LP boosted its position in IDEAYA Biosciences by 800.0% during the third quarter. Allworth Financial LP now owns 900 shares of the company's stock valued at $29,000 after purchasing an additional 800 shares during the last quarter. Quest Partners LLC acquired a new stake in shares of IDEAYA Biosciences during the 2nd quarter valued at about $41,000. Covestor Ltd grew its stake in shares of IDEAYA Biosciences by 9,225.0% in the 1st quarter. Covestor Ltd now owns 1,119 shares of the company's stock valued at $49,000 after buying an additional 1,107 shares in the last quarter. Comerica Bank increased its holdings 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 buying an additional 1,324 shares during the last quarter. Finally, JTC Employer Solutions Trustee Ltd acquired a new position in IDEAYA Biosciences in the first quarter worth approximately $67,000. 98.29% of the stock is owned by institutional investors and hedge funds.

IDEAYA Biosciences Company Profile

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.