IDEAYA Biosciences (NASDAQ:IDYA) Hits New 52-Week High – Time to Buy?

IDEAYA Biosciences, Inc. (NASDAQ:IDYA)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $33.66 and last traded at $34.1060, with a volume of 140095 shares traded. The stock had previously closed at $32.14.

Analyst Ratings Changes

IDYA has been the topic of a number of recent analyst reports. Barclays started coverage on shares of IDEAYA Biosciences in a research note on Thursday, September 4th. They set an “overweight” rating and a $40.00 price objective on the stock. Citizens Jmp initiated coverage on shares of IDEAYA Biosciences in a report on Thursday, September 4th. They issued a “mkt outperform” rating and a $41.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of IDEAYA Biosciences in a research note on Wednesday, October 8th. JMP Securities began coverage on IDEAYA Biosciences in a report on Thursday, September 4th. They set a “market outperform” rating and a $41.00 target price on the stock. Finally, TD Cowen started coverage on IDEAYA Biosciences in a research report on Tuesday, July 22nd. They issued a “buy” rating for the company. Fourteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, IDEAYA Biosciences presently has a consensus rating of “Moderate Buy” and an average price target of $45.50.

IDEAYA Biosciences Stock Performance

The company’s 50 day moving average price is $28.49 and its 200-day moving average price is $24.39. The company has a market cap of $2.95 billion, a price-to-earnings ratio of -18.09 and a beta of 0.14.

IDEAYA Biosciences (NASDAQ:IDYA) last released its earnings results on Tuesday, November 4th. The company reported $1.33 EPS for the quarter, beating the consensus estimate of ($0.12) by $1.45. The business had revenue of $207.83 million for the quarter, compared to analyst estimates of $59.98 million. As a group, sell-side analysts forecast that IDEAYA Biosciences, Inc. will post -3.07 earnings per share for the current year.

Hedge Funds Weigh In On IDEAYA Biosciences

A number of hedge funds have recently modified their holdings of the stock. Baker BROS. Advisors LP raised its holdings in IDEAYA Biosciences by 54.6% during the 3rd quarter. Baker BROS. Advisors LP now owns 3,275,444 shares of the company’s stock worth $89,125,000 after buying an additional 1,156,716 shares during the period. Millennium Management LLC boosted its holdings in shares of IDEAYA Biosciences by 345.2% in the first quarter. Millennium Management LLC now owns 547,637 shares of the company’s stock worth $8,970,000 after buying an additional 424,625 shares during the period. Ensign Peak Advisors Inc increased its position in shares of IDEAYA Biosciences by 126.4% in the second quarter. Ensign Peak Advisors Inc now owns 741,833 shares of the company’s stock worth $15,593,000 after acquiring an additional 414,189 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of IDEAYA Biosciences by 1,619.5% during the third quarter. Balyasny Asset Management L.P. now owns 380,311 shares of the company’s stock valued at $10,348,000 after acquiring an additional 358,194 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of IDEAYA Biosciences by 191.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 497,048 shares of the company’s stock valued at $13,525,000 after acquiring an additional 326,376 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.