Wedbush Reiterates Outperform Rating for IDEAYA Biosciences (NASDAQ:IDYA)

Wedbush restated their outperform rating on shares of IDEAYA Biosciences (NASDAQ:IDYA) in a report published on Tuesday morning, RTT News reports. The brokerage currently has a $54.00 price target on the stock, down from their previous price target of $56.00. Wedbush also issued estimates for IDEAYA Biosciences’ Q2 2024 earnings at ($0.58) EPS, Q3 2024 earnings at ($0.58) EPS, FY2024 earnings at ($2.35) EPS, Q2 2025 earnings at ($0.77) EPS, Q3 2025 earnings at ($0.82) EPS, Q4 2025 earnings at ($0.83) EPS, FY2025 earnings at ($3.14) EPS, FY2026 earnings at ($3.05) EPS, FY2027 earnings at ($2.02) EPS and FY2028 earnings at $0.41 EPS.

A number of other analysts also recently commented on the company. BTIG Research upped their price objective on IDEAYA Biosciences from $55.00 to $62.00 and gave the stock a buy rating in a report on Tuesday, July 9th. Mizuho initiated coverage on IDEAYA Biosciences in a report on Monday, July 8th. They issued an outperform rating and a $50.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on IDEAYA Biosciences from $65.00 to $69.00 and gave the stock an overweight rating in a report on Friday, July 12th. Stifel Nicolaus reaffirmed a buy rating and set a $63.00 price target on shares of IDEAYA Biosciences in a research report on Monday, July 8th. Finally, Oppenheimer increased their price objective on shares of IDEAYA Biosciences from $53.00 to $60.00 and gave the stock an outperform rating in a research report on Monday, July 8th. Fourteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of Buy and an average target price of $52.92.

IDEAYA Biosciences Trading Down 0.5 %

NASDAQ IDYA opened at $40.89 on Tuesday. The company has a market capitalization of $3.09 billion, a PE ratio of -20.34 and a beta of 0.86. The business’s 50-day moving average price is $38.24 and its 200 day moving average price is $40.94. IDEAYA Biosciences has a twelve month low of $20.90 and a twelve month high of $47.74.

IDEAYA Biosciences (NASDAQ:IDYA) last released its earnings results on Tuesday, May 7th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.02). IDEAYA Biosciences had a negative return on equity of 20.09% and a negative net margin of 483.05%. During the same quarter last year, the firm earned ($0.49) earnings per share. IDEAYA Biosciences’s revenue for the quarter was down 100.0% on a year-over-year basis. Equities analysts predict that IDEAYA Biosciences will post -2.28 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Yujiro S. Hata sold 56,711 shares of IDEAYA Biosciences stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $41.61, for a total transaction of $2,359,744.71. Following the sale, the chief executive officer now directly owns 677,887 shares of the company’s stock, valued at $28,206,878.07. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Yujiro S. Hata sold 34,433 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $41.81, for a total transaction of $1,439,643.73. Following the completion of the sale, the chief executive officer now owns 677,887 shares of the company’s stock, valued at $28,342,455.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Yujiro S. Hata sold 56,711 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $41.61, for a total transaction of $2,359,744.71. Following the completion of the sale, the chief executive officer now directly owns 677,887 shares in the company, valued at $28,206,878.07. The disclosure for this sale can be found here. Insiders have sold 119,644 shares of company stock worth $4,832,228 in the last quarter. 3.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IDYA. Covestor Ltd lifted its position in shares of IDEAYA Biosciences by 9,225.0% during the first quarter. Covestor Ltd now owns 1,119 shares of the company’s stock worth $49,000 after purchasing an additional 1,107 shares during the last quarter. Comerica Bank lifted its holdings in IDEAYA Biosciences by 723.5% during the 1st quarter. Comerica Bank now owns 1,507 shares of the company’s stock worth $66,000 after buying an additional 1,324 shares during the last quarter. JTC Employer Solutions Trustee Ltd acquired a new position in shares of IDEAYA Biosciences in the 1st quarter worth approximately $67,000. AJOVista LLC bought a new stake in shares of IDEAYA Biosciences in the 4th quarter valued at approximately $99,000. Finally, SG Americas Securities LLC acquired a new stake in shares of IDEAYA Biosciences during the 1st quarter valued at approximately $101,000. 98.29% of the stock is owned by institutional investors and hedge funds.

About IDEAYA Biosciences

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.