Stifel Nicolaus Initiates Coverage on IDEAYA Biosciences (NASDAQ:IDYA)

Analysts at Stifel Nicolaus started coverage on shares of IDEAYA Biosciences (NASDAQ:IDYA) in a report issued on Wednesday, Benzinga reports. The firm set a “buy” rating and a $48.00 price target on the stock. Stifel Nicolaus’ price objective suggests a potential upside of 40.11% from the stock’s current price.

Other research analysts have also issued reports about the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of IDEAYA Biosciences in a report on Tuesday, September 22nd. Citizens Jmp restated a “market outperform” rating and issued a $42.00 price target on shares of IDEAYA Biosciences in a report on Tuesday, September 1st. Wedbush increased their price target on IDEAYA Biosciences from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, August 5th. Guggenheim raised their price target on IDEAYA Biosciences from $54.00 to $57.00 and gave the stock a “buy” rating in a research report on Wednesday, September 9th. Finally, Royal Bank Of Canada cut their price objective on IDEAYA Biosciences from $53.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, July 7th. Fourteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $52.36.

IDEAYA Biosciences Price Performance

Shares of NASDAQ IDYA opened at $34.26 on Wednesday. The company’s fifty day moving average is $38.12 and its 200-day moving average is $34.38. IDEAYA Biosciences has a twelve month low of $26.44 and a twelve month high of $42.68.

IDEAYA Biosciences (NASDAQ:IDYA) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($1.22) EPS for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.16). IDEAYA Biosciences had a negative net margin of 75.93% and a negative return on equity of 16.73%. The firm had revenue of $8.86 million during the quarter, compared to the consensus estimate of $8.02 million. During the same quarter in the prior year, the company earned ($0.88) EPS. IDEAYA Biosciences’s quarterly revenue was up 8800.0% on a year-over-year basis. Analysts expect that IDEAYA Biosciences will post -4.38 EPS for the current year.

Insider Activity at IDEAYA Biosciences

In other news, CEO Yujiro Hata sold 26,338 shares of the business’s stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $37.41, for a total value of $985,304.58. Following the sale, the chief executive officer directly owned 690,695 shares in the company, valued at $25,838,899.95. The trade was a 3.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 4.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IDEAYA Biosciences

Large investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of IDEAYA Biosciences in the second quarter valued at approximately $331,452,000. Jupiter Topco LLC bought a new stake in shares of IDEAYA Biosciences in the second quarter worth $319,728,000. Janus Henderson Group PLC boosted its holdings in IDEAYA Biosciences by 1.1% during the first quarter. Janus Henderson Group PLC now owns 7,265,253 shares of the company’s stock worth $242,023,000 after purchasing an additional 78,797 shares during the last quarter. Baker BROS. Advisors LP boosted its holdings in IDEAYA Biosciences by 10.5% during the fourth quarter. Baker BROS. Advisors LP now owns 3,618,826 shares of the company’s stock worth $125,103,000 after purchasing an additional 343,382 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in IDEAYA Biosciences by 42.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,333,478 shares of the company’s stock worth $44,418,000 after purchasing an additional 394,621 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 is a clinical-stage biopharmaceutical company focused on discovering and developing precision medicines for cancer. The company uses insights from tumor biology, cancer genetics and synthetic lethality to identify treatments designed to target specific molecular alterations in tumors.

Its development pipeline includes darovasertib, an investigational protein kinase C inhibitor being studied primarily in genetically defined cancers, including GNAQ- or GNA11-mutated uveal melanoma.