Royal Bank of Canada Reaffirms “Outperform” Rating for IDEAYA Biosciences (NASDAQ:IDYA)

Royal Bank of Canada reaffirmed their outperform rating on shares of IDEAYA Biosciences (NASDAQ:IDYA) in a research report report published on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has a $61.00 price objective on the stock.

Several other equities research analysts have also recently weighed in on the company. Citigroup lowered their target price on IDEAYA Biosciences from $60.00 to $58.00 and set a buy rating for the company in a report on Tuesday, August 27th. Mizuho started coverage on shares of IDEAYA Biosciences in a report on Monday, July 8th. They set an outperform rating and a $50.00 target price on the stock. Stifel Nicolaus boosted their price target on shares of IDEAYA Biosciences from $63.00 to $68.00 and gave the company a buy rating in a report on Tuesday, September 10th. Lifesci Capital upgraded shares of IDEAYA Biosciences to a strong-buy rating in a research note on Monday, July 29th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of IDEAYA Biosciences from $69.00 to $66.00 and set an overweight rating for the company in a research note on Thursday, August 8th. Twelve equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, IDEAYA Biosciences currently has an average rating of Buy and an average target price of $56.00.

IDEAYA Biosciences Price Performance

IDYA stock opened at $30.50 on Tuesday. IDEAYA Biosciences has a 12 month low of $23.41 and a 12 month high of $47.74. The firm’s 50-day moving average is $38.33 and its 200 day moving average is $39.42. The company has a market capitalization of $2.58 billion, a PE ratio of -15.02 and a beta of 0.84.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.54) by ($0.14). IDEAYA Biosciences had a negative net margin of 483.05% and a negative return on equity of 20.52%. During the same quarter in the prior year, the company posted ($0.50) EPS. Sell-side analysts forecast that IDEAYA Biosciences will post -2.51 EPS for the current fiscal year.

Institutional Trading of IDEAYA Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in IDYA. Vanguard Group Inc. raised its stake in IDEAYA Biosciences by 19.6% in the first quarter. Vanguard Group Inc. now owns 4,155,757 shares of the company’s stock valued at $182,355,000 after buying an additional 679,985 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of IDEAYA Biosciences by 13.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,052,500 shares of the company’s stock valued at $177,825,000 after purchasing an additional 486,222 shares during the last quarter. Janus Henderson Group PLC boosted its stake in IDEAYA Biosciences by 7.2% in the 1st quarter. Janus Henderson Group PLC now owns 3,808,450 shares of the company’s stock worth $167,104,000 after purchasing an additional 256,559 shares in the last quarter. Capital Research Global Investors grew its position in IDEAYA Biosciences by 43.6% during the 4th quarter. Capital Research Global Investors now owns 1,976,870 shares of the company’s stock worth $70,337,000 after purchasing an additional 600,000 shares during the last quarter. Finally, Logos Global Management LP increased its stake in IDEAYA Biosciences by 13.3% during the 2nd quarter. Logos Global Management LP now owns 1,700,000 shares of the company’s stock valued at $59,687,000 after purchasing an additional 200,000 shares in the last quarter. Hedge funds and other institutional investors own 98.29% of the company’s stock.

IDEAYA Biosciences Company Profile

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.