IDEAYA Biosciences (NASDAQ:IDYA) Given New $66.00 Price Target at Citigroup

IDEAYA Biosciences (NASDAQ:IDYA) had its price target hoisted by equities researchers at Citigroup from $65.00 to $66.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup‘s price target suggests a potential upside of 115.27% from the company’s previous close.

IDYA has been the subject of a number of other reports. William Blair assumed coverage on IDEAYA Biosciences in a report on Friday, October 16th. They set an “outperform” rating for the company. Mizuho set a $44.00 price objective on shares of IDEAYA Biosciences in a research report on Thursday, October 29th. Wall Street Zen lowered IDEAYA Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Truist Financial reissued a “buy” rating and set a $57.00 price objective (down from $59.00) on shares of IDEAYA Biosciences in a report on Tuesday. Finally, Jefferies Financial Group restated a “buy” rating on shares of IDEAYA Biosciences in a research report on Tuesday, September 1st. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.00.

IDEAYA Biosciences Price Performance

IDEAYA Biosciences stock traded down $1.70 during midday trading on Thursday, hitting $30.66. 1,237,236 shares of the stock were exchanged, compared to its average volume of 1,033,264. The company has a 50 day moving average price of $36.71 and a two-hundred day moving average price of $34.03. The firm has a market cap of $2.69 billion, a P/E ratio of -6.83 and a beta of 0.08. IDEAYA Biosciences has a 1 year low of $26.81 and a 1 year high of $42.68.

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

Insider Activity at IDEAYA Biosciences

In other news, CEO Yujiro Hata sold 26,338 shares of the stock in a transaction that occurred on 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 approximately $25,838,899.95. This represents a 3.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On IDEAYA Biosciences

A number of large investors have recently made changes to their positions in IDYA. Quantbot Technologies LP acquired a new position in IDEAYA Biosciences during the 2nd quarter valued at approximately $43,000. Sterling Capital Management LLC lifted its stake in shares of IDEAYA Biosciences by 20.5% in the 3rd quarter. Sterling Capital Management LLC now owns 1,873 shares of the company’s stock valued at $72,000 after purchasing an additional 319 shares during the period. Nykredit A S acquired a new position in IDEAYA Biosciences in the 2nd quarter worth about $76,000. Fifth Third Bancorp purchased a new position in IDEAYA Biosciences during the first quarter valued at $84,000. Finally, GAMMA Investing LLC increased 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. 98.29% of the stock is owned by institutional investors and hedge funds.

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.