Wedbush Research Analysts Increase Earnings Estimates for IDEAYA Biosciences, Inc. (NASDAQ:IDYA)

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) – Equities researchers at Wedbush increased their Q2 2024 EPS estimates for IDEAYA Biosciences in a research report issued to clients and investors on Tuesday, May 7th. Wedbush analyst R. Driscoll now anticipates that the company will post earnings per share of ($0.60) for the quarter, up from their prior estimate of ($0.65). Wedbush currently has a “Outperform” rating and a $52.00 target price on the stock. The consensus estimate for IDEAYA Biosciences’ current full-year earnings is ($2.26) per share. Wedbush also issued estimates for IDEAYA Biosciences’ Q3 2024 earnings at ($0.61) EPS, Q4 2024 earnings at ($0.64) EPS, FY2024 earnings at ($2.40) EPS, FY2025 earnings at ($2.99) EPS, FY2026 earnings at ($2.66) EPS and FY2027 earnings at $0.36 EPS.

IDEAYA Biosciences (NASDAQ:IDYA) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.02). IDEAYA Biosciences had a negative net margin of 483.05% and a negative return on equity of 23.00%. During the same quarter in the prior year, the business earned ($0.49) earnings per share. The firm’s revenue for the quarter was down 100.0% on a year-over-year basis.

Several other brokerages have also issued reports on IDYA. Leerink Partnrs reiterated an “outperform” rating on shares of IDEAYA Biosciences in a research report on Friday, February 23rd. JPMorgan Chase & Co. lifted their target price on shares of IDEAYA Biosciences from $51.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. BTIG Research assumed coverage on shares of IDEAYA Biosciences in a research report on Friday, March 8th. They set a “buy” rating and a $55.00 target price for the company. Royal Bank of Canada lifted their price target on shares of IDEAYA Biosciences from $43.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 21st. Finally, Capital One Financial reissued an “overweight” rating on shares of IDEAYA Biosciences in a research note on Thursday, February 22nd. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $47.50.

IDEAYA Biosciences Price Performance

Shares of IDEAYA Biosciences stock opened at $41.17 on Friday. IDEAYA Biosciences has a 1 year low of $20.68 and a 1 year high of $47.74. The firm has a market cap of $3.08 billion, a PE ratio of -20.90 and a beta of 0.83. The company has a 50 day simple moving average of $42.49 and a two-hundred day simple moving average of $38.42.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in IDYA. Bank of New York Mellon Corp increased its stake in shares of IDEAYA Biosciences by 12.7% in the third quarter. Bank of New York Mellon Corp now owns 196,289 shares of the company’s stock worth $5,296,000 after buying an additional 22,121 shares during the period. TD Asset Management Inc increased its stake in shares of IDEAYA Biosciences by 206.1% in the third quarter. TD Asset Management Inc now owns 113,656 shares of the company’s stock worth $3,066,000 after buying an additional 76,528 shares during the period. China Universal Asset Management Co. Ltd. increased its stake in shares of IDEAYA Biosciences by 96.3% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,474 shares of the company’s stock worth $40,000 after buying an additional 723 shares during the period. Teacher Retirement System of Texas boosted its holdings in IDEAYA Biosciences by 6.7% in the third quarter. Teacher Retirement System of Texas now owns 13,741 shares of the company’s stock valued at $371,000 after acquiring an additional 867 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in IDEAYA Biosciences by 4.9% in the third quarter. Principal Financial Group Inc. now owns 14,415 shares of the company’s stock valued at $389,000 after acquiring an additional 676 shares in the last quarter. 98.29% of the stock is owned by hedge funds and other institutional investors.

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.