Truist Financial Cuts IDEAYA Biosciences (NASDAQ:IDYA) Price Target to $59.00

IDEAYA Biosciences (NASDAQ:IDYA) had its price target decreased by Truist Financial from $63.00 to $59.00 in a research note issued to investors on Wednesday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other equities analysts have also commented on the company. Wells Fargo & Company increased their price target on IDEAYA Biosciences from $44.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, April 14th. The Goldman Sachs Group upped their price objective on IDEAYA Biosciences from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Tuesday, April 14th. Wall Street Zen upgraded IDEAYA Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, June 13th. Guggenheim raised their target price on shares of IDEAYA Biosciences from $50.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. Finally, Mizuho reduced their price target on shares of IDEAYA Biosciences from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Thursday, May 7th. Fourteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.12.

IDEAYA Biosciences Stock Up 2.2%

Shares of IDYA stock opened at $37.02 on Wednesday. The company’s fifty day simple moving average is $34.38 and its two-hundred day simple moving average is $32.68. IDEAYA Biosciences has a 52 week low of $22.22 and a 52 week high of $40.58. The stock has a market cap of $3.25 billion, a P/E ratio of -19.08 and a beta of -0.10.

IDEAYA Biosciences (NASDAQ:IDYA) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($1.22) earnings per share 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 for the quarter, compared to analysts’ expectations of $8.02 million. During the same quarter in the previous year, the business earned ($0.88) EPS. The company’s revenue for the quarter was up 8800.0% on a year-over-year basis. On average, analysts anticipate that IDEAYA Biosciences will post -4.36 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Briseno Andres Ruiz sold 9,550 shares of the stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $40.01, for a total transaction of $382,095.50. Following the sale, the chief accounting officer owned 26,466 shares in the company, valued at approximately $1,058,904.66. This represents a 26.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On IDEAYA Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in IDYA. Farther Finance Advisors LLC grew its holdings in IDEAYA Biosciences by 171.1% during the 4th quarter. Farther Finance Advisors LLC now owns 919 shares of the company’s stock valued at $32,000 after purchasing an additional 580 shares during the last quarter. ANTIPODES PARTNERS Ltd grew its stake in shares of IDEAYA Biosciences by 49.4% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 1,150 shares of the company’s stock valued at $40,000 after buying an additional 380 shares during the last quarter. Global Retirement Partners LLC bought a new position in shares of IDEAYA Biosciences during the fourth quarter valued at approximately $61,000. Daiwa Securities Group Inc. raised its holdings in shares of IDEAYA Biosciences by 16.1% in the second quarter. Daiwa Securities Group Inc. now owns 3,141 shares of the company’s stock worth $66,000 after buying an additional 436 shares during the period. Finally, Fifth Third Bancorp purchased a new position in IDEAYA Biosciences during the 1st quarter valued at $84,000. Hedge funds and other institutional investors own 98.29% of the company’s stock.

About IDEAYA Biosciences

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.