IDEAYA Biosciences (NASDAQ:IDYA) Price Target Cut to $52.00 by Analysts at Guggenheim

IDEAYA Biosciences (NASDAQ:IDYA) had its price objective trimmed by Guggenheim from $57.00 to $52.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also issued reports on the stock. Jefferies Financial Group reiterated a “buy” rating on shares of IDEAYA Biosciences in a research report on Tuesday, September 1st. William Blair began coverage on shares of IDEAYA Biosciences in a research note on Friday, October 16th. They set an “outperform” rating for the company. Wedbush increased their price objective on shares of IDEAYA Biosciences from $60.00 to $63.00 and gave the company an “outperform” rating in a report on Wednesday. Mizuho set a $44.00 price objective on shares of IDEAYA Biosciences in a research note on Thursday, October 29th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and issued a $42.00 price objective on shares of IDEAYA Biosciences in a research note on Tuesday, September 1st. Thirteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, IDEAYA Biosciences presently has an average rating of “Moderate Buy” and an average price target of $49.91.

IDEAYA Biosciences Trading Up 3.3%

IDEAYA Biosciences stock opened at $32.36 on Wednesday. The business’s 50-day simple moving average is $36.71 and its 200 day simple moving average is $34.03. IDEAYA Biosciences has a 12-month low of $26.81 and a 12-month high of $42.68.

IDEAYA Biosciences (NASDAQ:IDYA) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported ($1.22) earnings per share for the quarter, missing the consensus estimate of ($1.18) by ($0.04). IDEAYA Biosciences had a negative return on equity of 40.15% and a negative net margin of 1,157.18%. The firm had revenue of $10.24 million for the quarter, compared to the consensus estimate of $7.58 million. During the same period in the prior year, the firm posted $1.33 earnings per share. The business’s revenue for the quarter was up 14.6% compared to the same quarter last year. Equities research analysts forecast that IDEAYA Biosciences will post -4.52 EPS for the current fiscal year.

Insider Activity at IDEAYA Biosciences

In related news, CEO Yujiro Hata sold 26,338 shares of the stock in a transaction that occurred on Tuesday, October 6th. The shares were 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. This trade represents a 3.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 4.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Quantbot Technologies LP bought a new stake in IDEAYA Biosciences in the second quarter valued at approximately $43,000. Sterling Capital Management LLC raised its holdings in IDEAYA Biosciences by 20.5% in the third quarter. Sterling Capital Management LLC now owns 1,873 shares of the company’s stock worth $72,000 after purchasing an additional 319 shares during the period. Nykredit A S bought a new position in shares of IDEAYA Biosciences during the second quarter worth $76,000. Fifth Third Bancorp bought a new position in shares of IDEAYA Biosciences during the first quarter worth $84,000. Finally, GAMMA Investing LLC boosted its position in shares of IDEAYA Biosciences by 79.0% during the third quarter. GAMMA Investing LLC now owns 2,315 shares of the company’s stock worth $89,000 after purchasing an additional 1,022 shares in the last quarter. Institutional investors and hedge funds own 98.29% of the company’s stock.

IDEAYA Biosciences News Summary

Here are the key news stories impacting IDEAYA Biosciences this week:

• Positive Sentiment: IDEAYA said it completed its NDA submission for darovasertib plus crizotinib in metastatic uveal melanoma and highlighted encouraging data for IDE849 in relapsed small-cell lung cancer. It ended September with $1.15 billion in cash and reiterated runway into 2030, supporting development plans. Third-quarter results and business update
• Positive Sentiment: Wedbush raised its price target to $63 from $60 and maintained an “outperform” rating, signaling continued confidence in the shares. Wedbush analyst ratings
• Neutral Sentiment: Third-quarter revenue was $10.24 million, above estimates of about $7.6 million and up 14.6% year over year. The reported loss was $1.22 per share; analyst estimates cited in the reports ranged from a $1.18 to $1.26 loss, making the earnings comparison mixed. Third-quarter results
• Neutral Sentiment: The company plans to participate in investor-relations events in November; the announcement itself did not provide a material new financial or clinical update. Investor-relations events announcement
• Negative Sentiment: Royal Bank of Canada cut its target to $45 from $48 while keeping “outperform,” and Guggenheim lowered its target to $52 from $57 while retaining “buy.” The lower targets may temper sentiment, although both firms kept favorable ratings. Analyst price-target coverage

IDEAYA Biosciences Company Profile

IDEAYA Biosciences, Inc (NASDAQ:IDYA) is a biotechnology company focused on discovering and developing precision medicines for cancer. Its research emphasizes synthetic lethality, biomarker-driven drug discovery and molecularly defined patient populations, with the goal of matching targeted therapies to specific genetic alterations in tumors.

The company’s pipeline includes darovasertib, an investigational protein kinase C inhibitor being studied primarily for genetically defined cancers, including metastatic uveal melanoma.