Royal Bank Of Canada Reaffirms Outperform Rating for IDEAYA Biosciences (NASDAQ:IDYA)

IDEAYA Biosciences (NASDAQ:IDYA)‘s stock had its “outperform” rating reiterated by investment analysts at Royal Bank Of Canada in a research note issued on Wednesday,Benzinga reports. They presently have a $49.00 price objective on the stock. Royal Bank Of Canada’s target price suggests a potential upside of 59.47% from the company’s current price.

A number of other research firms have also recently weighed in on IDYA. Guggenheim restated a “buy” rating and issued a $50.00 price target on shares of IDEAYA Biosciences in a research note on Wednesday. Wedbush raised their target price on IDEAYA Biosciences from $49.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday. The Goldman Sachs Group boosted their target price on IDEAYA Biosciences from $27.00 to $30.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 21st. BTIG Research reiterated a “buy” rating and issued a $62.00 price target on shares of IDEAYA Biosciences in a research note on Tuesday, October 21st. Finally, Wall Street Zen raised shares of IDEAYA Biosciences from a “hold” rating to a “buy” rating in a report on Sunday, November 9th. Fifteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.60.

IDEAYA Biosciences Price Performance

Shares of IDYA stock traded down $0.03 during trading hours on Wednesday, reaching $30.73. 147,166 shares of the stock were exchanged, compared to its average volume of 887,668. The business’s fifty day moving average is $34.30 and its two-hundred day moving average is $30.44. The firm has a market capitalization of $2.69 billion, a P/E ratio of -16.53 and a beta of 0.10. IDEAYA Biosciences has a 12-month low of $13.45 and a 12-month high of $39.28.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its quarterly earnings results on Tuesday, February 17th. The company reported ($0.94) EPS for the quarter, topping the consensus estimate of ($1.03) by $0.09. The firm had revenue of $21.75 million for the quarter, compared to analyst estimates of $5.95 million. During the same quarter last year, the firm earned ($1.49) EPS. The company’s revenue was up 55.7% on a year-over-year basis. As a group, equities research analysts predict that IDEAYA Biosciences will post -3.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IDEAYA Biosciences

Several institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC lifted its position in IDEAYA Biosciences by 171.1% during the 4th quarter. Farther Finance Advisors LLC now owns 919 shares of the company’s stock worth $32,000 after acquiring an additional 580 shares during the period. Aster Capital Management DIFC Ltd purchased a new stake in shares of IDEAYA Biosciences during the third quarter worth approximately $38,000. ANTIPODES PARTNERS Ltd lifted its holdings in shares of IDEAYA Biosciences by 49.4% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 1,150 shares of the company’s stock worth $40,000 after purchasing an additional 380 shares during the period. Abich Financial Wealth Management LLC acquired a new stake in shares of IDEAYA Biosciences during the third quarter worth $58,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in IDEAYA Biosciences in the 2nd quarter valued at $61,000. Institutional investors and hedge funds own 98.29% of the company’s stock.

IDEAYA Biosciences Company Profile

IDEAYA Biosciences is a clinical-stage precision oncology company dedicated to the discovery and development of novel therapies that exploit synthetic lethality in cancer cells. By targeting key DNA damage response pathways, the company aims to selectively kill tumor cells exhibiting specific genetic vulnerabilities while sparing healthy tissue. IDEAYA’s pipeline includes small-molecule inhibitors designed to address underserved tumor types, and its lead programs are advancing through Phase 1 and Phase 2 clinical trials in multiple oncology indications.

Central to IDEAYA’s approach is its Modular Approach to Precision (MAP) platform, which integrates proprietary genomic and functional screening technologies to identify critical cancer-specific dependencies.