IDEAYA Biosciences (NASDAQ:IDYA) Stock Price Down 6.8% on Analyst Downgrade

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) dropped 6.8% during mid-day trading on Wednesday after Royal Bank Of Canada lowered their price target on the stock from $53.00 to $48.00. Royal Bank Of Canada currently has an outperform rating on the stock. IDEAYA Biosciences traded as low as $37.65 and last traded at $37.77. 641,933 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 1,152,205 shares. The stock had previously closed at $40.51.

A number of other equities analysts have also commented on the stock. Wall Street Zen upgraded shares of IDEAYA Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, June 13th. Truist Financial lowered their target price on IDEAYA Biosciences from $65.00 to $63.00 and set a “buy” rating for the company in a research report on Tuesday. Wedbush reaffirmed an “outperform” rating and set a $58.00 target price on shares of IDEAYA Biosciences in a report on Friday, June 12th. Cantor Fitzgerald restated an “overweight” rating on shares of IDEAYA Biosciences in a research report on Friday, May 22nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IDEAYA Biosciences in a research note on Tuesday, April 21st. Fifteen 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $50.25.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada increased its holdings in IDEAYA Biosciences by 30.1% in the first quarter. Royal Bank of Canada now owns 122,460 shares of the company’s stock worth $2,006,000 after purchasing an additional 28,322 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of IDEAYA Biosciences by 8.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,044 shares of the company’s stock worth $938,000 after buying an additional 4,308 shares in the last quarter. Millennium Management LLC grew its position in shares of IDEAYA Biosciences by 345.2% during the 1st quarter. Millennium Management LLC now owns 547,637 shares of the company’s stock worth $8,970,000 after buying an additional 424,625 shares during the period. American Century Companies Inc. grew its position in shares of IDEAYA Biosciences by 862.7% during the 2nd quarter. American Century Companies Inc. now owns 114,644 shares of the company’s stock worth $2,410,000 after buying an additional 102,736 shares during the period. Finally, Norges Bank bought a new stake in shares of IDEAYA Biosciences in the 2nd quarter valued at $643,000. 98.29% of the stock is owned by institutional investors and hedge funds.

IDEAYA Biosciences Trading Down 6.6%

The stock’s 50-day moving average is $30.99 and its 200-day moving average is $32.54. The company has a market cap of $3.32 billion, a price-to-earnings ratio of -23.61 and a beta of -0.09.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($1.11) EPS for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.04). The business had revenue of $6.56 million for the quarter, compared to analyst estimates of $5.04 million. During the same period last year, the firm earned ($0.82) EPS. The company’s revenue for the quarter was down 39.4% on a year-over-year basis. As a group, analysts predict that IDEAYA Biosciences, Inc. will post -4.13 EPS for the current year.

About IDEAYA Biosciences

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.