IDEAYA Biosciences (NASDAQ:IDYA) Releases Earnings Results, Beats Estimates By $1.45 EPS

IDEAYA Biosciences (NASDAQ:IDYA) issued its earnings results on Tuesday. The company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $1.45, Zacks reports. The company had revenue of $207.83 million for the quarter, compared to the consensus estimate of $59.98 million.

IDEAYA Biosciences Stock Down 0.8%

IDYA stock opened at $29.41 on Thursday. IDEAYA Biosciences has a 52 week low of $13.45 and a 52 week high of $33.64. The company has a fifty day simple moving average of $27.30 and a two-hundred day simple moving average of $23.58. The firm has a market capitalization of $2.58 billion, a P/E ratio of -15.88 and a beta of 0.14.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on IDYA. BTIG Research restated a “buy” rating and set a $62.00 target price on shares of IDEAYA Biosciences in a research report on Tuesday, October 21st. Mizuho upped their target price on shares of IDEAYA Biosciences from $43.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, September 12th. Stephens restated an “overweight” rating and set a $45.00 target price on shares of IDEAYA Biosciences in a research report on Tuesday, September 9th. TD Cowen began coverage on shares of IDEAYA Biosciences in a research report on Tuesday, July 22nd. They set a “buy” rating for the company. Finally, Citigroup restated a “buy” rating on shares of IDEAYA Biosciences in a research report on Tuesday, September 9th. Fourteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $45.36.

Institutional Investors Weigh In On IDEAYA Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. raised its stake in shares of IDEAYA Biosciences by 4.2% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,238,094 shares of the company’s stock valued at $26,025,000 after acquiring an additional 50,000 shares during the period. Millennium Management LLC raised its stake in shares of IDEAYA Biosciences by 345.2% in the first quarter. Millennium Management LLC now owns 547,637 shares of the company’s stock valued at $8,970,000 after acquiring an additional 424,625 shares during the period. Soleus Capital Management L.P. purchased a new stake in shares of IDEAYA Biosciences in the second quarter valued at $5,255,000. Royal Bank of Canada raised its stake in shares of IDEAYA Biosciences by 30.1% in the first quarter. Royal Bank of Canada now owns 122,460 shares of the company’s stock valued at $2,006,000 after acquiring an additional 28,322 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of IDEAYA Biosciences by 862.7% in the second quarter. American Century Companies Inc. now owns 114,644 shares of the company’s stock valued at $2,410,000 after acquiring an additional 102,736 shares during the period. Hedge funds and other institutional investors own 98.29% of the company’s stock.

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.