IDEAYA Biosciences (NASDAQ:IDYA) Stock Price Down 4.6% on Analyst Downgrade

IDEAYA Biosciences, Inc. (NASDAQ:IDYA)’s stock price fell 4.6% during trading on Tuesday after Wedbush lowered their price target on the stock from $54.00 to $52.00. Wedbush currently has an outperform rating on the stock. IDEAYA Biosciences traded as low as $32.17 and last traded at $32.17. 246,202 shares were traded during trading, a decline of 71% from the average session volume of 853,371 shares. The stock had previously closed at $33.73.

IDYA has been the subject of several other reports. Lifesci Capital raised IDEAYA Biosciences to a “strong-buy” rating in a research note on Monday, July 29th. Citigroup lowered their price target on IDEAYA Biosciences from $60.00 to $58.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Oppenheimer dropped their price objective on IDEAYA Biosciences from $60.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Stifel Nicolaus upped their target price on shares of IDEAYA Biosciences from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $61.00 target price on shares of IDEAYA Biosciences in a report on Tuesday. Twelve investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, IDEAYA Biosciences has an average rating of “Buy” and a consensus price target of $56.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted 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 purchasing an additional 679,985 shares during the last quarter. Capital Research Global Investors grew its stake in shares of 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 acquiring an additional 600,000 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in IDEAYA Biosciences by 17.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,566,278 shares of the company’s stock worth $126,889,000 after acquiring an additional 535,909 shares during the last quarter. Fisher Asset Management LLC raised its stake in IDEAYA Biosciences by 1,611.9% in the 4th quarter. Fisher Asset Management LLC now owns 539,676 shares of the company’s stock valued at $19,202,000 after acquiring an additional 508,151 shares during the period. Finally, Sofinnova Investments Inc. raised its stake in IDEAYA Biosciences by 47.3% in the 2nd quarter. Sofinnova Investments Inc. now owns 1,151,528 shares of the company’s stock valued at $40,430,000 after acquiring an additional 369,932 shares during the period. 98.29% of the stock is owned by institutional investors.

IDEAYA Biosciences Price Performance

The firm has a market capitalization of $2.57 billion, a PE ratio of -15.02 and a beta of 0.84. The company’s fifty day simple moving average is $38.54 and its 200 day simple moving average is $39.48.

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

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.