IDEAYA Biosciences (NASDAQ:IDYA) Sets New 1-Year Low – What’s Next?

Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA) reached a new 52-week low on Thursday . The company traded as low as $24.48 and last traded at $24.93, with a volume of 96045 shares changing hands. The stock had previously closed at $25.59.

Analysts Set New Price Targets

A number of research analysts recently commented on IDYA shares. Citigroup lowered their price target on shares of IDEAYA Biosciences from $60.00 to $58.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $61.00 price objective on shares of IDEAYA Biosciences in a research note on Tuesday, September 24th. Leerink Partnrs downgraded IDEAYA Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Cantor Fitzgerald restated an “overweight” rating on shares of IDEAYA Biosciences in a research report on Tuesday. Finally, Stifel Nicolaus lifted their price objective on shares of IDEAYA Biosciences from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.67.

IDEAYA Biosciences Stock Performance

The business has a 50 day moving average of $28.28 and a two-hundred day moving average of $34.01. The stock has a market capitalization of $2.21 billion, a PE ratio of -10.99 and a beta of 0.79.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its earnings results on Monday, November 4th. The company reported ($0.60) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.03. During the same quarter in the previous year, the firm posted ($0.46) EPS. On average, equities analysts expect that IDEAYA Biosciences, Inc. will post -2.45 EPS for the current fiscal year.

Institutional Investors Weigh In On IDEAYA Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC boosted its position in IDEAYA Biosciences by 38.4% in the second quarter. Nisa Investment Advisors LLC now owns 3,340 shares of the company’s stock valued at $117,000 after buying an additional 927 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of IDEAYA Biosciences by 43.0% during the second quarter. Bank of New York Mellon Corp now owns 316,492 shares of the company’s stock worth $11,112,000 after purchasing an additional 95,129 shares during the last quarter. Rhumbline Advisers lifted its position in IDEAYA Biosciences by 9.7% during the second quarter. Rhumbline Advisers now owns 105,797 shares of the company’s stock valued at $3,715,000 after purchasing an additional 9,387 shares during the period. Fiera Capital Corp boosted its holdings in IDEAYA Biosciences by 22.6% in the second quarter. Fiera Capital Corp now owns 1,335,410 shares of the company’s stock valued at $46,886,000 after purchasing an additional 246,010 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in IDEAYA Biosciences by 10.3% during the 2nd quarter. Victory Capital Management Inc. now owns 316,105 shares of the company’s stock worth $11,098,000 after purchasing an additional 29,600 shares during the period. 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.