Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA) are receiving positive attention from analysts, who have collectively assigned a consensus rating of “Moderate Buy.” This assessment comes from a total of seventeen ratings firms covering the company, as reported by MarketBeat.com. Among these analysts, one has issued a sell recommendation, one has suggested holding the stock, while an impressive fifteen have endorsed a buy recommendation.
The average target price for IDEAYA shares over the next year stands at approximately $46.40. Several key research reports have emerged recently, reinforcing the positive outlook for the company. Citigroup reaffirmed a “buy” rating on September 9, 2023, while Stephens also maintained an “overweight” stance, setting a target price of $45.00. Additionally, Guggenheim began coverage of IDEAYA on September 18, assigning a “buy” rating and targeting a price of $50.00.
In a notable update, the Goldman Sachs Group raised its target price for IDEAYA shares from $27.00 to $30.00, while maintaining a “neutral” rating. Wall Street Zen also upgraded the stock from a “hold” to a “buy” rating on November 9.
Stock Performance and Financial Highlights
On November 13, 2023, IDEAYA shares opened at $35.87. Over the past twelve months, the stock has fluctuated between a low of $13.45 and a high of $36.61. The company currently reports a market capitalization of $3.14 billion, with a price-to-earnings ratio of -19.28 and a beta of 0.04.
IDEAYA Biosciences recently released its earnings results for the quarter ending November 4, 2023. The company reported earnings per share (EPS) of $1.33, significantly exceeding analysts’ expectations of a loss of $0.12 by $1.45. Revenue for the quarter reached $207.83 million, far surpassing the anticipated $59.98 million. Looking ahead, analysts project an EPS of -3.07 for the current fiscal year.
Institutional Investment Activity
A number of institutional investors have recently adjusted their holdings in IDEAYA. Aster Capital Management DIFC Ltd acquired a new position during the third quarter, valued at approximately $38,000. Abich Financial Wealth Management LLC also made a new investment during this period, worth $58,000.
PNC Financial Services Group Inc. significantly increased its stake in IDEAYA by 180.2% in the first quarter, now owning 2,404 shares valued at $39,000. Elevation Point Wealth Partners LLC purchased new shares during the second quarter, valued at $61,000. Daiwa Securities Group Inc. expanded its position by 16.1%, now holding 3,141 shares worth $66,000. Notably, 98.29% of IDEAYA’s shares are held by institutional investors.
IDEAYA Biosciences focuses on developing precision medicines through synthetic lethality approaches, aimed at treating specific cancers identified through molecular diagnostics. Its portfolio includes several promising candidates in various stages of clinical trials, such as IDE196, a protein kinase C inhibitor, and IDE397, targeting solid tumors with specific gene mutations.
As IDEAYA continues to capture the interest of analysts and investors alike, its innovative approach in the oncology sector positions it for potential growth in the evolving landscape of precision medicine.
