Royal Bank of Canada Reiterates “Outperform” Rating for IDEAYA Biosciences (NASDAQ:IDYA)

IDEAYA Biosciences (NASDAQ:IDYA)‘s stock had its “outperform” rating reissued by equities researchers at Royal Bank of Canada in a research note issued on Wednesday,Benzinga reports. They presently have a $61.00 target price on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 168.49% from the company’s previous close.

Several other equities research analysts have also recently weighed in on IDYA. Leerink Partners cut IDEAYA Biosciences from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $41.00 to $27.00 in a research note on Tuesday, November 5th. Stephens assumed coverage on shares of IDEAYA Biosciences in a research report on Monday, November 18th. They set an “overweight” rating and a $51.00 target price for the company. Leerink Partnrs lowered shares of IDEAYA Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 5th. Wedbush reaffirmed an “outperform” rating and issued a $52.00 price objective on shares of IDEAYA Biosciences in a research note on Tuesday, December 17th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of IDEAYA Biosciences in a research note on Monday. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, IDEAYA Biosciences has a consensus rating of “Moderate Buy” and a consensus target price of $53.67.

IDEAYA Biosciences Price Performance

IDYA opened at $22.72 on Wednesday. IDEAYA Biosciences has a fifty-two week low of $22.17 and a fifty-two week high of $47.74. The company’s 50 day moving average price is $26.47 and its two-hundred day moving average price is $32.41. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of -9.75 and a beta of 0.82.

IDEAYA Biosciences (NASDAQ:IDYA) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.60) EPS for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.03. During the same quarter last year, the business posted ($0.46) EPS. As a group, equities research analysts predict that IDEAYA Biosciences will post -2.45 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IDYA. Allworth Financial LP grew its stake in IDEAYA Biosciences by 800.0% in the third quarter. Allworth Financial LP now owns 900 shares of the company’s stock valued at $29,000 after acquiring an additional 800 shares during the period. Covestor Ltd lifted its holdings in shares of IDEAYA Biosciences by 23,050.0% in the 3rd quarter. Covestor Ltd now owns 926 shares of the company’s stock worth $29,000 after purchasing an additional 922 shares in the last quarter. Quest Partners LLC acquired a new stake in IDEAYA Biosciences in the 2nd quarter valued at $41,000. US Bancorp DE increased its stake in IDEAYA Biosciences by 67.2% during the 3rd quarter. US Bancorp DE now owns 1,714 shares of the company’s stock valued at $54,000 after purchasing an additional 689 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in IDEAYA Biosciences by 637.9% during the second quarter. Daiwa Securities Group Inc. now owns 1,948 shares of the company’s stock worth $68,000 after buying an additional 1,684 shares during the last quarter. 98.29% of the stock is owned by institutional investors and hedge funds.

IDEAYA Biosciences Company Profile

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.