IDEAYA Biosciences (NASDAQ:IDYA) Sees Strong Trading Volume – What’s Next?

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) shares saw unusually-strong trading volume on Friday . Approximately 1,083,025 shares were traded during mid-day trading, an increase of 25% from the previous session’s volume of 867,972 shares.The stock last traded at $25.75 and had previously closed at $25.16.

Analysts Set New Price Targets

IDYA has been the subject of a number of analyst reports. UBS Group initiated coverage on shares of IDEAYA Biosciences in a report on Thursday, October 24th. They set a “buy” rating and a $50.00 price objective for the company. Stifel Nicolaus upped their price objective on IDEAYA Biosciences from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Wedbush restated an “outperform” rating and set a $52.00 price objective on shares of IDEAYA Biosciences in a research note on Tuesday, December 17th. Stephens assumed coverage on IDEAYA Biosciences in a research note on Monday, November 18th. They set an “overweight” rating and a $51.00 price objective on the stock. Finally, Leerink Partnrs cut shares of IDEAYA Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, IDEAYA Biosciences has an average rating of “Moderate Buy” and a consensus target price of $53.67.

IDEAYA Biosciences Price Performance

The firm has a market capitalization of $2.25 billion, a P/E ratio of -11.17 and a beta of 0.79. The company has a fifty day moving average of $27.38 and a 200 day moving average of $33.18.

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

Hedge Funds Weigh In On IDEAYA Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. State Street Corp raised its stake in shares of IDEAYA Biosciences by 15.4% during the 3rd quarter. State Street Corp now owns 3,317,936 shares of the company’s stock valued at $105,112,000 after purchasing an additional 443,640 shares during the period. Quest Partners LLC bought a new position in IDEAYA Biosciences in the 2nd quarter valued at $41,000. Scientech Research LLC grew its position in shares of IDEAYA Biosciences by 362.3% during the 2nd quarter. Scientech Research LLC now owns 27,708 shares of the company’s stock valued at $973,000 after purchasing an additional 21,714 shares in the last quarter. D. E. Shaw & Co. Inc. increased its holdings in shares of IDEAYA Biosciences by 34.4% in the second quarter. D. E. Shaw & Co. Inc. now owns 884,538 shares of the company’s stock worth $31,056,000 after purchasing an additional 226,514 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in shares of IDEAYA Biosciences by 24.5% in the second quarter. Envestnet Asset Management Inc. now owns 104,553 shares of the company’s stock worth $3,671,000 after buying an additional 20,607 shares in the last quarter. Institutional investors own 98.29% of the company’s stock.

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.