IDEAYA Biosciences (NASDAQ:IDYA) Hits New 52-Week High – Here’s Why

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) hit a new 52-week high on Monday . The stock traded as high as $39.32 and last traded at $38.94, with a volume of 334469 shares. The stock had previously closed at $37.65.

Analysts Set New Price Targets

IDYA has been the subject of several recent research reports. Truist Financial decreased their price objective on IDEAYA Biosciences from $65.00 to $63.00 and set a “buy” rating for the company in a research note on Tuesday. Citigroup reaffirmed a “market outperform” rating on shares of IDEAYA Biosciences in a report on Tuesday, June 2nd. Wedbush reiterated an “outperform” rating and issued a $58.00 price target on shares of IDEAYA Biosciences in a research note on Friday, June 12th. The Goldman Sachs Group boosted their price target on shares of IDEAYA Biosciences from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Tuesday, April 14th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of IDEAYA Biosciences in a research report on Friday, May 22nd. Fifteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.25.

IDEAYA Biosciences Stock Down 1.9%

The company has a market cap of $3.49 billion, a price-to-earnings ratio of -24.86 and a beta of -0.09. The business’s fifty day simple moving average is $30.99 and its two-hundred day simple moving average is $32.54.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its earnings results on Tuesday, May 5th. The company reported ($1.11) EPS for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.04). The company had revenue of $6.56 million for the quarter, compared to analysts’ expectations of $5.04 million. During the same quarter last year, the business earned ($0.82) earnings per share. IDEAYA Biosciences’s revenue was down 39.4% on a year-over-year basis. Sell-side analysts predict that IDEAYA Biosciences, Inc. will post -4.13 EPS for the current fiscal year.

Institutional Trading of IDEAYA Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in IDYA. GSK plc acquired a new stake in shares of IDEAYA Biosciences during the fourth quarter worth about $46,093,000. Baker BROS. Advisors LP increased its position in IDEAYA Biosciences by 54.6% in the 3rd quarter. Baker BROS. Advisors LP now owns 3,275,444 shares of the company’s stock valued at $89,125,000 after acquiring an additional 1,156,716 shares during the period. State Street Corp raised its stake in IDEAYA Biosciences by 27.6% during the 4th quarter. State Street Corp now owns 4,134,641 shares of the company’s stock valued at $142,935,000 after acquiring an additional 893,707 shares during the last quarter. Janus Henderson Group PLC raised its stake in IDEAYA Biosciences by 11.8% during the 4th quarter. Janus Henderson Group PLC now owns 7,186,456 shares of the company’s stock valued at $248,344,000 after acquiring an additional 758,117 shares during the last quarter. Finally, First Turn Management LLC acquired a new stake in IDEAYA Biosciences during the 4th quarter worth approximately $25,017,000. 98.29% of the stock is owned by hedge funds and other 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.