IDEAYA Biosciences (NASDAQ:IDYA) Stock Price Down 6.4% – Here’s Why

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) shares were down 6.4% on Monday . The company traded as low as $25.45 and last traded at $25.43. Approximately 419,415 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 1,134,234 shares. The stock had previously closed at $27.16.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Barclays began coverage on IDEAYA Biosciences in a research report on Thursday. They set an “overweight” rating and a $40.00 target price for the company. The Goldman Sachs Group upgraded IDEAYA Biosciences to a “hold” rating and set a $25.00 price target on the stock in a research note on Thursday, July 10th. JMP Securities began coverage on IDEAYA Biosciences in a research report on Thursday. They set a “market outperform” rating and a $41.00 price objective for the company. Citizens Jmp began coverage on IDEAYA Biosciences in a research note on Thursday. They issued a “mkt outperform” rating and a $41.00 price objective for the company. Finally, TD Cowen started coverage on IDEAYA Biosciences in a report on Tuesday, July 22nd. They set a “buy” rating on the stock. Twelve analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, IDEAYA Biosciences has an average rating of “Moderate Buy” and an average target price of $45.77.

IDEAYA Biosciences Trading Down 12.4%

The company has a fifty day moving average of $23.66 and a 200-day moving average of $20.63. The stock has a market cap of $2.08 billion, a PE ratio of -6.35 and a beta of 0.12.

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

Institutional Investors Weigh In On IDEAYA Biosciences

A number of large investors have recently bought and sold shares of the business. Janus Henderson Group PLC increased its holdings in shares of IDEAYA Biosciences by 13.5% during the fourth quarter. Janus Henderson Group PLC now owns 5,857,639 shares of the company’s stock worth $150,606,000 after buying an additional 695,263 shares in the last quarter. Millennium Management LLC boosted its position in shares of IDEAYA Biosciences by 345.2% during the 1st quarter. Millennium Management LLC now owns 547,637 shares of the company’s stock worth $8,970,000 after acquiring an additional 424,625 shares in the last quarter. Ensign Peak Advisors Inc raised its stake in shares of IDEAYA Biosciences by 126.4% during the second quarter. Ensign Peak Advisors Inc now owns 741,833 shares of the company’s stock valued at $15,593,000 after acquiring an additional 414,189 shares during the last quarter. MPM Bioimpact LLC acquired a new position in shares of IDEAYA Biosciences during the fourth quarter valued at about $10,641,000. Finally, Fiera Capital Corp boosted its holdings in IDEAYA Biosciences by 26.6% during the second quarter. Fiera Capital Corp now owns 1,532,269 shares of the company’s stock worth $32,208,000 after purchasing an additional 322,404 shares during the last quarter. 98.29% of the stock is currently owned by institutional investors.

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.