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

IDEAYA Biosciences (NASDAQ:IDYA)‘s stock had its “outperform” rating reissued by equities research analysts at Wedbush in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $52.00 target price on the stock. Wedbush’s target price would indicate a potential upside of 28.46% from the company’s previous close. Wedbush also issued estimates for IDEAYA Biosciences’ Q2 2024 earnings at ($0.60) EPS, Q3 2024 earnings at ($0.61) EPS, Q4 2024 earnings at ($0.64) EPS, FY2024 earnings at ($2.40) EPS, Q1 2025 earnings at ($0.72) EPS, Q2 2025 earnings at ($0.74) EPS, Q3 2025 earnings at ($0.76) EPS, Q4 2025 earnings at ($0.78) EPS, FY2025 earnings at ($2.99) EPS, FY2026 earnings at ($2.66) EPS, FY2027 earnings at $0.36 EPS and FY2028 earnings at $4.10 EPS.

Other analysts have also recently issued reports about the company. Citigroup boosted their price target on IDEAYA Biosciences from $40.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. BTIG Research started coverage on IDEAYA Biosciences in a report on Friday, March 8th. They set a “buy” rating and a $55.00 price target on the stock. JPMorgan Chase & Co. increased their price target on IDEAYA Biosciences from $51.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, February 23rd. Leerink Partnrs restated an “outperform” rating on shares of IDEAYA Biosciences in a research report on Friday, February 23rd. Finally, Royal Bank of Canada raised their price objective on IDEAYA Biosciences from $43.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, February 21st. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $47.50.

IDEAYA Biosciences Trading Down 0.4 %

Shares of IDYA stock traded down $0.16 during midday trading on Wednesday, reaching $40.48. 22,057 shares of the stock were exchanged, compared to its average volume of 820,866. IDEAYA Biosciences has a 1 year low of $20.68 and a 1 year high of $47.74. The company’s 50 day moving average is $42.57 and its two-hundred day moving average is $38.40. The firm has a market cap of $3.03 billion, a PE ratio of -20.22 and a beta of 0.83.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its earnings results on Tuesday, May 7th. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.02). IDEAYA Biosciences had a negative return on equity of 23.00% and a negative net margin of 483.05%. During the same period in the previous year, the company posted ($0.49) EPS. The company’s quarterly revenue was down 100.0% on a year-over-year basis. As a group, equities analysts expect that IDEAYA Biosciences will post -2.26 EPS for the current fiscal year.

Institutional Investors Weigh In On IDEAYA Biosciences

Large investors have recently made changes to their positions in the business. Federated Hermes Inc. boosted its stake in shares of IDEAYA Biosciences by 14.8% in the fourth quarter. Federated Hermes Inc. now owns 3,883,775 shares of the company’s stock valued at $138,185,000 after purchasing an additional 500,046 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of IDEAYA Biosciences by 17.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,566,278 shares of the company’s stock valued at $126,889,000 after purchasing an additional 535,909 shares during the period. Vanguard Group Inc. boosted its stake in IDEAYA Biosciences by 17.0% during the 4th quarter. Vanguard Group Inc. now owns 3,475,772 shares of the company’s stock valued at $123,668,000 after acquiring an additional 504,275 shares during the last quarter. Capital Research Global Investors boosted its stake 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 valued at $70,337,000 after acquiring an additional 600,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in IDEAYA Biosciences by 12.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,286,300 shares of the company’s stock valued at $45,767,000 after acquiring an additional 144,058 shares during the last quarter. Institutional investors and hedge funds 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.