JPMorgan Chase & Co. Forecasts Strong Price Appreciation for IDEAYA Biosciences (NASDAQ:IDYA) Stock

IDEAYA Biosciences (NASDAQ:IDYA) had its price objective increased by analysts at JPMorgan Chase & Co. from $74.00 to $79.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 170.73% from the stock’s current price.

Other analysts also recently issued reports about the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of IDEAYA Biosciences in a report on Tuesday, September 9th. Mizuho boosted their price objective on shares of IDEAYA Biosciences from $43.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, September 12th. Weiss Ratings restated a “sell (d-)” rating on shares of IDEAYA Biosciences in a research report on Wednesday, October 8th. Citigroup restated a “buy” rating on shares of IDEAYA Biosciences in a research report on Tuesday, September 9th. Finally, JMP Securities assumed coverage on shares of IDEAYA Biosciences in a research report on Thursday, September 4th. They issued a “market outperform” rating and a $41.00 price objective on the stock. Fourteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $44.13.

IDEAYA Biosciences Price Performance

Shares of NASDAQ:IDYA opened at $29.18 on Thursday. The firm has a fifty day moving average price of $26.20 and a two-hundred day moving average price of $22.64. IDEAYA Biosciences has a one year low of $13.45 and a one year high of $32.67. The company has a market cap of $2.56 billion, a price-to-earnings ratio of -7.70 and a beta of 0.14.

IDEAYA Biosciences (NASDAQ:IDYA) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.85) by ($0.03). The business had revenue of $6.00 million for the quarter, compared to analysts’ expectations of $3.48 million. During the same period last year, the firm posted ($0.68) earnings per share. IDEAYA Biosciences’s revenue for the quarter was up NaN% on a year-over-year basis. Equities research analysts expect that IDEAYA Biosciences will post -3.07 EPS for the current fiscal year.

Institutional Investors Weigh In On IDEAYA Biosciences

Several hedge funds have recently bought and sold shares of IDYA. CWM LLC boosted its stake in IDEAYA Biosciences by 325.7% during the first quarter. CWM LLC now owns 2,371 shares of the company’s stock worth $39,000 after acquiring an additional 1,814 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in IDEAYA Biosciences by 180.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,404 shares of the company’s stock worth $39,000 after acquiring an additional 1,546 shares in the last quarter. Signaturefd LLC lifted its stake in shares of IDEAYA Biosciences by 374.8% in the first quarter. Signaturefd LLC now owns 2,877 shares of the company’s stock worth $47,000 after buying an additional 2,271 shares in the last quarter. Elevation Point Wealth Partners LLC bought a new position in shares of IDEAYA Biosciences in the second quarter worth approximately $61,000. Finally, Daiwa Securities Group Inc. lifted its stake 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 in the last quarter. Institutional investors own 98.29% of the company’s stock.

IDEAYA Biosciences Company Profile

IDEAYA Biosciences, Inc, a synthetic lethality-focused precision medicine oncology company, discovers and develops targeted therapeutics for patient populations selected using molecular diagnostics in the United States. The company's products in development include IDE196, a protein kinase C inhibitor that is in Phase 2/3 clinical trials for genetically defined cancers having GNAQ or GNA11 gene mutations; IDE397, a methionine adenosyltransferase 2a inhibitor that is in Phase 1/2 clinical trials for patients with solid tumors having methylthioadenosine phosphorylase gene deletions, such as non-small cell lung, bladder, gastric, and esophageal cancers; IDE161, a poly ADP-ribose glycohydrolase inhibitor that is in Phase 1 clinical trial to treat tumors with homologous recombination deficiency (HRD), and other genetic or molecular signatures; GSK101, a Pol Theta Helicase inhibitor that is in Phase 1 clinical trial for the treatment of tumors with BRCA or other homologous recombination, and HRD mutations; and Werner Helicase inhibitors for tumors with high microsatellite instability.