IDEAYA Biosciences (NASDAQ:IDYA) Sees Strong Trading Volume – Here’s What Happened

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) shares saw strong trading volume on Wednesday . 409,227 shares were traded during trading, a decline of 53% from the previous session’s volume of 867,331 shares.The stock last traded at $26.64 and had previously closed at $26.78.

Wall Street Analyst Weigh In

IDYA has been the subject of several research reports. Leerink Partnrs cut IDEAYA Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 5th. Royal Bank of Canada restated an “outperform” rating and issued a $61.00 price target on shares of IDEAYA Biosciences in a report on Tuesday, September 24th. UBS Group began coverage on shares of IDEAYA Biosciences in a report on Thursday, October 24th. They set a “buy” rating and a $50.00 price objective for the company. Citigroup dropped their target price on IDEAYA Biosciences from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Finally, Cantor Fitzgerald initiated coverage on IDEAYA Biosciences in a research note on Tuesday, October 15th. They issued an “overweight” rating on the stock. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.67.

IDEAYA Biosciences Price Performance

The firm’s 50 day moving average price is $30.00 and its 200-day moving average price is $35.54. The stock has a market cap of $2.31 billion, a P/E ratio of -11.44 and a beta of 0.86.

IDEAYA Biosciences (NASDAQ:IDYA) last released its earnings results on Monday, November 4th. The company reported ($0.60) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.03. During the same period in the prior year, the company posted ($0.46) EPS. On average, analysts expect that IDEAYA Biosciences, Inc. will post -2.46 earnings per share for the current year.

Hedge Funds Weigh In On IDEAYA Biosciences

Large investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its holdings in IDEAYA Biosciences by 9.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,945,455 shares of the company’s stock valued at $61,645,000 after purchasing an additional 172,838 shares during the last quarter. Barclays PLC boosted its position in shares of IDEAYA Biosciences by 188.8% during the 3rd quarter. Barclays PLC now owns 181,170 shares of the company’s stock worth $5,739,000 after acquiring an additional 118,438 shares in the last quarter. XTX Topco Ltd acquired a new stake in IDEAYA Biosciences during the 3rd quarter worth $245,000. Two Sigma Advisers LP lifted its stake in IDEAYA Biosciences by 1.7% in the third quarter. Two Sigma Advisers LP now owns 468,100 shares of the company’s stock valued at $14,829,000 after buying an additional 7,700 shares during the last quarter. Finally, State Street Corp increased its position in IDEAYA Biosciences by 15.4% in the 3rd quarter. State Street Corp now owns 3,317,936 shares of the company’s stock valued at $105,112,000 after acquiring an additional 443,640 shares during the period. Institutional investors and hedge funds 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.