IDEAYA Biosciences (NASDAQ:IDYA) Stock Price Down 6.1% – Here’s Why

Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA) were down 6.1% on Monday . The stock traded as low as $30.20 and last traded at $30.7380. Approximately 283,778 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 891,982 shares. The stock had previously closed at $32.75.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Wedbush boosted their price objective on shares of IDEAYA Biosciences from $49.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, February 18th. Guggenheim restated a “buy” rating and set a $50.00 target price on shares of IDEAYA Biosciences in a research note on Wednesday, February 18th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of IDEAYA Biosciences in a research report on Wednesday, February 18th. Truist Financial increased their price target on IDEAYA Biosciences from $59.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. Finally, Citigroup raised their price objective on IDEAYA Biosciences from $64.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, February 19th. Fifteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.69.

IDEAYA Biosciences Stock Down 1.9%

The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of -24.58 and a beta of 0.09. The stock has a 50 day moving average of $33.50 and a 200 day moving average of $31.86.

IDEAYA Biosciences (NASDAQ:IDYA) last announced its quarterly earnings data on Tuesday, February 17th. The company reported ($0.94) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.03) by $0.09. The firm had revenue of $21.75 million for the quarter, compared to analyst estimates of $5.95 million. The company’s quarterly revenue was up 55.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.49) EPS. Analysts predict that IDEAYA Biosciences, Inc. will post -3.07 earnings per share for the current year.

Insider Activity

In other IDEAYA Biosciences news, Director Jeffrey Stein acquired 50,000 shares of the firm’s stock in a transaction on Monday, March 2nd. The stock was purchased at an average price of $32.96 per share, with a total value of $1,648,000.00. Following the completion of the acquisition, the director directly owned 54,281 shares in the company, valued at $1,789,101.76. This trade represents a 1,167.95% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. GSK plc bought a new position in IDEAYA Biosciences in the fourth quarter worth about $46,093,000. Baker BROS. Advisors LP grew its holdings in shares of IDEAYA Biosciences by 54.6% during the third quarter. Baker BROS. Advisors LP now owns 3,275,444 shares of the company’s stock valued at $89,125,000 after purchasing an additional 1,156,716 shares during the last quarter. State Street Corp raised its position in shares of IDEAYA Biosciences by 27.6% during the 4th quarter. State Street Corp now owns 4,134,641 shares of the company’s stock worth $142,935,000 after purchasing an additional 893,707 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of IDEAYA Biosciences by 11.8% in the 4th quarter. Janus Henderson Group PLC now owns 7,186,456 shares of the company’s stock worth $248,344,000 after purchasing an additional 758,117 shares during the last quarter. Finally, First Turn Management LLC bought a new stake in shares of IDEAYA Biosciences in the 4th quarter worth approximately $25,017,000. 98.29% of the stock is currently owned by institutional investors.

IDEAYA Biosciences Company Profile

IDEAYA Biosciences is a clinical-stage precision oncology company dedicated to the discovery and development of novel therapies that exploit synthetic lethality in cancer cells. By targeting key DNA damage response pathways, the company aims to selectively kill tumor cells exhibiting specific genetic vulnerabilities while sparing healthy tissue. IDEAYA’s pipeline includes small-molecule inhibitors designed to address underserved tumor types, and its lead programs are advancing through Phase 1 and Phase 2 clinical trials in multiple oncology indications.

Central to IDEAYA’s approach is its Modular Approach to Precision (MAP) platform, which integrates proprietary genomic and functional screening technologies to identify critical cancer-specific dependencies.