IDEAYA Biosciences (NASDAQ:IDYA) Stock Rating Reaffirmed by Wedbush

IDEAYA Biosciences (NASDAQ:IDYA)‘s stock had its “outperform” rating reiterated by Wedbush in a research note issued to investors on Wednesday, Marketbeat.com reports. They presently have a $54.00 target price on the stock. Wedbush’s target price points to a potential upside of 42.52% from the company’s previous close. Wedbush also issued estimates for IDEAYA Biosciences’ Q3 2024 earnings at ($0.72) EPS, Q4 2024 earnings at ($0.71) EPS, FY2024 earnings at ($2.67) EPS, Q1 2025 earnings at ($0.79) EPS, Q2 2025 earnings at ($0.84) EPS, Q3 2025 earnings at ($0.90) EPS, Q4 2025 earnings at ($0.96) EPS, FY2025 earnings at ($3.47) EPS, FY2026 earnings at ($3.58) EPS, FY2027 earnings at ($2.64) EPS and FY2028 earnings at ($0.32) EPS.

Other equities research analysts have also issued research reports about the company. The Goldman Sachs Group cut their price target on IDEAYA Biosciences from $53.00 to $46.00 and set a “buy” rating for the company in a research note on Monday, May 13th. BTIG Research lifted their price target on shares of IDEAYA Biosciences from $55.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Stifel Nicolaus reissued a “buy” rating and set a $63.00 price objective on shares of IDEAYA Biosciences in a report on Monday, July 8th. Mizuho started coverage on IDEAYA Biosciences in a report on Monday, July 8th. They issued an “outperform” rating and a $50.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their price target on IDEAYA Biosciences from $65.00 to $69.00 and gave the company an “overweight” rating in a research note on Friday, July 12th. Twelve investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $55.90.

IDEAYA Biosciences Stock Performance

Shares of NASDAQ IDYA traded up $0.31 during midday trading on Wednesday, hitting $37.89. 553,740 shares of the stock traded hands, compared to its average volume of 911,168. The firm has a market capitalization of $2.87 billion, a P/E ratio of -18.70 and a beta of 0.87. IDEAYA Biosciences has a one year low of $23.41 and a one year high of $47.74. The firm has a 50-day moving average of $38.56 and a two-hundred day moving average of $41.23.

IDEAYA Biosciences (NASDAQ:IDYA) last released its earnings results on Tuesday, August 6th. The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.54) by ($0.14). IDEAYA Biosciences had a negative net margin of 483.05% and a negative return on equity of 20.09%. During the same period in the previous year, the company earned ($0.50) EPS. Equities analysts forecast that IDEAYA Biosciences will post -2.22 earnings per share for the current fiscal year.

Insider Transactions at IDEAYA Biosciences

In related news, insider Michael Anthony White sold 28,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $36.24, for a total value of $1,032,840.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Yujiro S. Hata sold 34,433 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $41.81, for a total transaction of $1,439,643.73. Following the transaction, the chief executive officer now directly owns 677,887 shares in the company, valued at $28,342,455.47. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael Anthony White sold 28,500 shares of the company’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $36.24, for a total value of $1,032,840.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 119,644 shares of company stock worth $4,832,228. 3.50% of the stock is currently owned by company insiders.

Institutional Trading of IDEAYA Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in IDYA. Quest Partners LLC purchased a new stake in shares of IDEAYA Biosciences during the 2nd quarter valued at $41,000. Covestor Ltd increased its position 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 acquiring an additional 1,107 shares during the period. Comerica Bank increased its position in shares of IDEAYA Biosciences by 723.5% in the 1st quarter. Comerica Bank now owns 1,507 shares of the company’s stock valued at $66,000 after acquiring an additional 1,324 shares during the period. JTC Employer Solutions Trustee Ltd acquired a new position in shares of IDEAYA Biosciences in the 1st quarter valued at $67,000. Finally, Daiwa Securities Group Inc. increased its position in shares of IDEAYA Biosciences by 637.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,948 shares of the company’s stock valued at $68,000 after acquiring an additional 1,684 shares during the period. Hedge funds and other 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.