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

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report)'s stock had its "outperform" rating reiterated by Wedbush in a research note issued to investors on Monday, RTT News reports. They currently have a $52.00 price objective on the stock. Wedbush's target price would suggest a potential upside of 73.33% from the stock's previous close.

Several other research firms have also issued reports on IDYA. Mizuho initiated coverage on shares of IDEAYA Biosciences in a research report on Monday, July 8th. They set an "outperform" rating and a $50.00 price target for the company. JPMorgan Chase & Co. dropped their price objective on IDEAYA Biosciences from $69.00 to $66.00 and set an "overweight" rating on the stock in a research report on Thursday, August 8th. Lifesci Capital raised shares of IDEAYA Biosciences to a "strong-buy" rating in a report on Monday, July 29th. BTIG Research raised their price objective on shares of IDEAYA Biosciences from $55.00 to $62.00 and gave the company a "buy" rating in a research report on Tuesday, July 9th. Finally, Stifel Nicolaus lifted their target price on IDEAYA Biosciences from $63.00 to $68.00 and gave the stock a "buy" rating in a report on Tuesday, September 10th. Fourteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $55.45.

IDEAYA Biosciences Stock Performance

Shares of IDYA traded up $1.40 during mid-day trading on Monday, reaching $30.00. 1,073,816 shares of the company were exchanged, compared to its average volume of 850,107. IDEAYA Biosciences has a 52 week low of $27.52 and a 52 week high of $47.74. The business has a 50 day simple moving average of $32.95 and a two-hundred day simple moving average of $36.89. The stock has a market capitalization of $2.53 billion, a PE ratio of -13.70 and a beta of 0.86.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last announced 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 last year, the company posted ($0.50) earnings per share. On average, analysts predict that IDEAYA Biosciences will post -2.47 EPS for the current year.

Institutional Investors Weigh In On IDEAYA Biosciences

Large investors have recently bought and sold shares of the business. Entropy Technologies LP bought a new stake in shares of IDEAYA Biosciences in the 1st quarter worth about $679,000. Jennison Associates LLC acquired a new stake in shares of IDEAYA Biosciences during the first quarter worth $11,244,000. Nisa Investment Advisors LLC lifted its position in shares of IDEAYA Biosciences by 38.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,340 shares of the company's stock valued at $117,000 after acquiring an additional 927 shares during the period. Swiss National Bank grew its position in IDEAYA Biosciences by 30.9% in the first quarter. Swiss National Bank now owns 111,400 shares of the company's stock valued at $4,888,000 after acquiring an additional 26,300 shares during the last quarter. Finally, Quest Partners LLC acquired a new position in IDEAYA Biosciences in the 2nd quarter worth about $41,000. 98.29% of the stock is currently owned by institutional investors.

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.

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