Shares of IDEAYA Biosciences, Inc. (NASDAQ: IDYA) have received a consensus rating of “Moderate Buy” from a total of seventeen brokerage firms, according to MarketBeat.com. Among these analysts, one issued a sell recommendation, one suggested holding, and fifteen advised buying the stock. The average target price for the next year stands at $46.40, reflecting optimistic sentiment from market analysts.
Recent Analyst Reports
IDEAYA has been the focus of several research reports lately. On September 9, 2023, Citigroup reaffirmed its “buy” rating for the stock. On the same day, Stephens also maintained an “overweight” rating and set a target price of $45.00. Further, Guggenheim initiated coverage on September 18, 2023, establishing a “buy” rating with a price objective of $50.00. On October 21, 2023, The Goldman Sachs Group elevated its target price from $27.00 to $30.00 while assigning a “neutral” rating. Additionally, on November 9, 2023, Wall Street Zen upgraded IDEAYA from a “hold” to a “buy” rating.
Stock Performance and Financial Results
IDEAYA shares opened at $35.87 on a recent trading day. Over the past year, the stock has fluctuated, with a low of $13.45 and a high of $36.61. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of -19.28, and a beta of 0.04. The averages for the 50-day and 200-day moving prices are $30.93 and $25.91, respectively.
IDEAYA Biosciences announced its latest earnings results on November 4, 2023. The company reported earnings per share (EPS) of $1.33, significantly exceeding analysts’ expectations of a loss of $0.12. Revenue for the quarter reached $207.83 million, far surpassing the anticipated $59.98 million. Analysts forecast that IDEAYA will post an EPS of -3.07 for the current fiscal year.
Institutional Investor Movements
Recent activity among institutional investors indicates a growing interest in IDEAYA. Aster Capital Management DIFC Ltd acquired a new position during the third quarter, valued at approximately $38,000. Similarly, Abich Financial Wealth Management LLC purchased shares worth $58,000. Notably, PNC Financial Services Group Inc. increased its stake by 180.2% in the first quarter, now owning 2,404 shares valued at $39,000. Elevation Point Wealth Partners LLC also entered a new position in the second quarter, valued at $61,000. Overall, institutional investors hold approximately 98.29% of the stock.
IDEAYA Biosciences specializes in precision medicine, focusing on synthetic lethality in oncology. The company develops targeted therapeutics based on molecular diagnostics tailored for specific patient populations. Its current pipeline includes several promising candidates, such as IDE196, a protein kinase C inhibitor in Phase 2/3 trials for cancers with GNAQ or GNA11 mutations, and IDE397, which targets solid tumors with specific genetic deletions.
As IDEAYA continues to advance its clinical trials and garner support from analysts and investors, the outlook remains positive for the company amid a competitive landscape in biotechnology.
