IDEAYA Biosciences, Inc. (NASDAQ:IDYA) Sees Large Drop in Short Interest

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) was the recipient of a significant drop in short interest in November. As of November 30th, there was short interest totalling 8,930,000 shares, a drop of 11.2% from the November 15th total of 10,060,000 shares. Approximately 11.6% of the company’s shares are sold short. Based on an average daily volume of 890,000 shares, the days-to-cover ratio is currently 10.0 days.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IDYA. FMR LLC grew its position in shares of IDEAYA Biosciences by 12.1% in the third quarter. FMR LLC now owns 12,635,653 shares of the company’s stock valued at $400,297,000 after purchasing an additional 1,365,570 shares in the last quarter. Janus Henderson Group PLC increased its holdings in IDEAYA Biosciences by 26.7% during the 3rd quarter. Janus Henderson Group PLC now owns 5,162,376 shares of the company’s stock worth $163,518,000 after acquiring an additional 1,086,356 shares during the period. State Street Corp lifted its stake in IDEAYA Biosciences by 15.4% in the 3rd quarter. State Street Corp now owns 3,317,936 shares of the company’s stock worth $105,112,000 after purchasing an additional 443,640 shares in the last quarter. Geode Capital Management LLC boosted its holdings in IDEAYA Biosciences by 9.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,945,455 shares of the company’s stock valued at $61,645,000 after purchasing an additional 172,838 shares during the period. Finally, Logos Global Management LP boosted its holdings in IDEAYA Biosciences by 13.3% in 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 during the period. 98.29% of the stock is currently owned by hedge funds and other institutional investors.

IDEAYA Biosciences Price Performance

NASDAQ IDYA opened at $26.05 on Tuesday. The company has a fifty day moving average price of $28.66 and a 200-day moving average price of $34.30. IDEAYA Biosciences has a 1 year low of $24.72 and a 1 year high of $47.74. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of -11.18 and a beta of 0.79.

IDEAYA Biosciences (NASDAQ:IDYA) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.60) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.03. During the same period in the previous year, the business posted ($0.46) earnings per share. On average, research analysts anticipate that IDEAYA Biosciences will post -2.45 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

IDYA has been the subject of several analyst reports. Cantor Fitzgerald initiated coverage on IDEAYA Biosciences in a research report on Tuesday, October 15th. They set an “overweight” rating for the company. Leerink Partners cut IDEAYA Biosciences from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $41.00 to $27.00 in a report on Tuesday, November 5th. Stifel Nicolaus raised their price target on shares of IDEAYA Biosciences from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Leerink Partnrs lowered shares of IDEAYA Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Finally, Citigroup dropped their target price on shares of IDEAYA Biosciences from $60.00 to $58.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, IDEAYA Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.67.

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.