IDEAYA Biosciences (NASDAQ:IDYA) Price Target Cut to $59.00 by Analysts at Truist Financial

IDEAYA Biosciences (NASDAQ:IDYA) had its price target decreased by research analysts at Truist Financial from $63.00 to $59.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 62.36% from the company’s previous close.

IDYA has been the subject of a number of other research reports. Royal Bank Of Canada dropped their price objective on IDEAYA Biosciences from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, July 7th. Mizuho lowered their price target on shares of IDEAYA Biosciences from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Thursday, May 7th. Wall Street Zen raised shares of IDEAYA Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, June 13th. Guggenheim raised their price target on shares of IDEAYA Biosciences from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Tuesday, April 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of IDEAYA Biosciences in a research note on Friday, May 22nd. Fourteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, IDEAYA Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.12.

IDEAYA Biosciences Price Performance

NASDAQ IDYA traded up $0.23 during trading on Wednesday, hitting $36.34. 416,826 shares of the company’s stock traded hands, compared to its average volume of 1,105,542. The stock has a fifty day moving average of $33.95 and a two-hundred day moving average of $32.65. IDEAYA Biosciences has a 12-month low of $22.09 and a 12-month high of $40.58. The firm has a market cap of $3.19 billion, a P/E ratio of -22.72 and a beta of -0.10.

IDEAYA Biosciences (NASDAQ:IDYA) last released its earnings results on Monday, August 10th. The company reported ($1.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.16). The firm had revenue of $8.86 million during the quarter, compared to the consensus estimate of $8.02 million. The company’s revenue was up 8800.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.88) earnings per share. As a group, analysts expect that IDEAYA Biosciences will post -4.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Briseno Andres Ruiz 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 value of $382,095.50. Following the transaction, the chief accounting officer directly owned 26,466 shares in the company, valued at $1,058,904.66. The trade was a 26.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC boosted its stake in IDEAYA Biosciences by 171.1% in the 4th quarter. Farther Finance Advisors LLC now owns 919 shares of the company’s stock worth $32,000 after purchasing an additional 580 shares during the period. ANTIPODES PARTNERS Ltd boosted its position 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 acquiring an additional 380 shares during the last quarter. Global Retirement Partners LLC bought a new position in shares of IDEAYA Biosciences during the fourth quarter worth $61,000. Daiwa Securities Group Inc. grew its stake in IDEAYA Biosciences by 16.1% during the second quarter. Daiwa Securities Group Inc. now owns 3,141 shares of the company’s stock valued at $66,000 after acquiring an additional 436 shares in the last quarter. Finally, Fifth Third Bancorp bought a new stake in IDEAYA Biosciences in the 1st quarter valued at $84,000. 98.29% of the stock is owned by hedge funds and other institutional investors.

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.