IDEAYA Biosciences (NASDAQ:IDYA) Stock Price Down 3.7% – What’s Next?

Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA) fell 3.7% during mid-day trading on Wednesday . The company traded as low as $29.92 and last traded at $29.92. 179,327 shares changed hands during trading, a decline of 79% from the average session volume of 861,409 shares. The stock had previously closed at $31.06.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Wedbush lowered their price target on shares of IDEAYA Biosciences from $54.00 to $52.00 and set an “outperform” rating for the company in a report on Tuesday, September 24th. Stifel Nicolaus lifted their target price on IDEAYA Biosciences from $63.00 to $68.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $61.00 price target on shares of IDEAYA Biosciences in a research note on Tuesday, September 24th. Citigroup decreased their price target on IDEAYA Biosciences from $60.00 to $58.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Finally, Oppenheimer dropped their price objective on IDEAYA Biosciences from $60.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Twelve research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $56.00.

IDEAYA Biosciences Stock Performance

The firm has a market cap of $2.61 billion, a P/E ratio of -14.11 and a beta of 0.82. The stock’s 50-day moving average is $35.74 and its 200 day moving average is $38.38.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its earnings results on Tuesday, August 6th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.14). During the same quarter in the previous year, the business earned ($0.50) earnings per share. On average, research analysts anticipate that IDEAYA Biosciences, Inc. will post -2.51 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of IDEAYA Biosciences by 19.6% during the first quarter. Vanguard Group Inc. now owns 4,155,757 shares of the company’s stock worth $182,355,000 after acquiring an additional 679,985 shares during the period. Price T Rowe Associates Inc. MD raised its stake 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 period. Janus Henderson Group PLC raised its stake in shares of IDEAYA Biosciences by 7.2% in the 1st quarter. Janus Henderson Group PLC now owns 3,808,450 shares of the company’s stock valued at $167,104,000 after purchasing an additional 256,559 shares during the period. Logos Global Management LP lifted its holdings in shares of IDEAYA Biosciences by 13.3% in the second 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. Finally, Fiera Capital Corp boosted its position in shares of IDEAYA Biosciences by 22.6% during the second quarter. Fiera Capital Corp now owns 1,335,410 shares of the company’s stock worth $46,886,000 after buying an additional 246,010 shares during the period. Institutional investors own 98.29% of the company’s stock.

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.