IDEAYA Biosciences’ (IDYA) “Outperform” Rating Reaffirmed at Royal Bank of Canada

IDEAYA Biosciences (NASDAQ:IDYA)‘s stock had its “outperform” rating reiterated by investment analysts at Royal Bank of Canada in a report released on Wednesday,Benzinga reports. They currently have a $61.00 target price on the stock. Royal Bank of Canada’s target price points to a potential upside of 160.57% from the stock’s previous close.

A number of other research firms have also recently weighed in on IDYA. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of IDEAYA Biosciences in a report on Monday. Oppenheimer reaffirmed an “outperform” rating and issued a $53.00 price objective on shares of IDEAYA Biosciences in a report on Tuesday, October 29th. UBS Group initiated coverage on shares of IDEAYA Biosciences in a report on Thursday, October 24th. They issued a “buy” rating and a $50.00 price objective on the stock. Leerink Partners lowered shares of IDEAYA Biosciences from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $41.00 to $27.00 in a research report on Tuesday, November 5th. Finally, Leerink Partnrs lowered shares of IDEAYA Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, IDEAYA Biosciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.67.

IDEAYA Biosciences Stock Up 2.9 %

Shares of NASDAQ:IDYA traded up $0.67 on Wednesday, reaching $23.41. 14,346 shares of the company’s stock were exchanged, compared to its average volume of 779,032. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of -10.05 and a beta of 0.82. IDEAYA Biosciences has a fifty-two week low of $22.17 and a fifty-two week high of $47.74. The business’s 50-day moving average is $26.61 and its two-hundred day moving average is $32.47.

IDEAYA Biosciences (NASDAQ:IDYA) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.60) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.03. During the same quarter last year, the firm posted ($0.46) earnings per share. Analysts predict that IDEAYA Biosciences will post -2.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allworth Financial LP boosted its holdings in shares of IDEAYA Biosciences by 800.0% in the third quarter. Allworth Financial LP now owns 900 shares of the company’s stock worth $29,000 after buying an additional 800 shares during the period. Covestor Ltd boosted its holdings in shares of IDEAYA Biosciences by 23,050.0% in the third quarter. Covestor Ltd now owns 926 shares of the company’s stock worth $29,000 after buying an additional 922 shares during the period. Quest Partners LLC acquired a new position in shares of IDEAYA Biosciences in the second quarter worth about $41,000. US Bancorp DE lifted its position in shares of IDEAYA Biosciences by 67.2% in the third quarter. US Bancorp DE now owns 1,714 shares of the company’s stock worth $54,000 after purchasing an additional 689 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its position in shares of IDEAYA Biosciences by 637.9% in the second quarter. Daiwa Securities Group Inc. now owns 1,948 shares of the company’s stock worth $68,000 after purchasing an additional 1,684 shares in the last quarter. 98.29% of the stock is currently owned by institutional investors and hedge funds.

About IDEAYA Biosciences

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.