IDEAYA Biosciences (NASDAQ:IDYA) Stock Price Up 4.8% – Still a Buy?

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) shot up 4.8% on Monday. The stock traded as high as $38.38 and last traded at $38.45. Approximately 278,808 shares changed hands during trading, a decline of 73% from the average session volume of 1,041,522 shares. The stock had previously closed at $36.69.

Analyst Ratings Changes

Several brokerages have recently commented on IDYA. Wall Street Zen downgraded IDEAYA Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IDEAYA Biosciences in a report on Friday, July 17th. Guggenheim lifted their price objective on IDEAYA Biosciences from $54.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, September 9th. Citizens Jmp reissued a “market outperform” rating and issued a $42.00 price objective on shares of IDEAYA Biosciences in a research note on Tuesday, September 1st. Finally, Citigroup restated a “market outperform” rating on shares of IDEAYA Biosciences in a report on Tuesday, September 1st. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $52.69.

IDEAYA Biosciences Trading Up 4.8%

The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of -19.80 and a beta of -0.07. The company has a 50 day moving average price of $37.86 and a 200 day moving average price of $34.05.

IDEAYA Biosciences (NASDAQ:IDYA) last released its earnings results on Tuesday, August 4th. The company reported ($1.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.16). The business had revenue of $8.86 million for the quarter, compared to analyst estimates of $8.02 million. IDEAYA Biosciences had a negative net margin of 75.93% and a negative return on equity of 16.73%. The business’s revenue for the quarter was up 8800.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.88) earnings per share. Equities analysts predict that IDEAYA Biosciences, Inc. will post -4.38 earnings per share for the current year.

Insider Activity

In other news, CAO Andres Ruiz Briseno sold 9,550 shares of the business’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $40.01, for a total transaction of $382,095.50. Following the completion of the transaction, the chief accounting officer directly owned 26,466 shares in the company, valued at approximately $1,058,904.66. The trade was a 26.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in IDEAYA Biosciences during the second quarter valued at approximately $331,452,000. Jupiter Topco LLC acquired a new stake in IDEAYA Biosciences in the second quarter worth $319,728,000. Janus Henderson Group PLC boosted its position in shares of IDEAYA Biosciences by 1.1% during the first quarter. Janus Henderson Group PLC now owns 7,265,253 shares of the company’s stock worth $242,023,000 after purchasing an additional 78,797 shares in the last quarter. Baker BROS. Advisors LP boosted its position in shares of IDEAYA Biosciences by 10.5% during the fourth quarter. Baker BROS. Advisors LP now owns 3,618,826 shares of the company’s stock worth $125,103,000 after purchasing an additional 343,382 shares in the last quarter. Finally, Fiera Capital Corp grew its holdings in shares of IDEAYA Biosciences by 32.6% in the 4th quarter. Fiera Capital Corp now owns 2,437,262 shares of the company’s stock valued at $84,256,000 after buying an additional 599,295 shares during the period. Institutional investors own 98.29% of the company’s stock.

IDEAYA Biosciences Company Profile

IDEAYA Biosciences, Inc is a clinical-stage biotechnology company focused on developing precision medicines for cancer. The company uses insights from tumor genetics and synthetic lethality—the targeting of vulnerabilities created by specific genetic alterations—to identify therapies intended for molecularly defined patient populations.

IDEAYA’s investigational pipeline includes darovasertib (IDE196), a protein kinase C inhibitor being studied in genetically defined cancers, including metastatic uveal melanoma associated with GNAQ or GNA11 mutations.