Guggenheim Reiterates “Buy” Rating for IDEAYA Biosciences (NASDAQ:IDYA)

IDEAYA Biosciences (NASDAQ:IDYA)‘s stock had its “buy” rating restated by equities researchers at Guggenheim in a report released on Wednesday,Benzinga reports. They presently have a $50.00 price target on the stock. Guggenheim’s price target would suggest a potential upside of 51.98% from the company’s current price.

Several other analysts have also recently commented on the company. UBS Group started coverage on IDEAYA Biosciences in a research report on Wednesday, January 7th. They set a “buy” rating and a $50.00 price target for the company. BTIG Research reaffirmed a “buy” rating and set a $62.00 target price on shares of IDEAYA Biosciences in a research note on Tuesday, October 21st. Royal Bank Of Canada increased their target price on shares of IDEAYA Biosciences from $41.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Mizuho boosted their price target on shares of IDEAYA Biosciences from $44.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 11th. Finally, Wedbush increased their price objective on shares of IDEAYA Biosciences from $49.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday. Fifteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.69.

IDEAYA Biosciences Stock Up 6.4%

IDYA stock opened at $32.90 on Wednesday. IDEAYA Biosciences has a 52 week low of $13.45 and a 52 week high of $39.28. The firm has a 50-day simple moving average of $34.23 and a 200-day simple moving average of $30.46. The stock has a market capitalization of $2.89 billion, a P/E ratio of -25.11 and a beta of 0.10.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its quarterly earnings data on Tuesday, February 17th. The company reported ($0.94) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.03) by $0.09. The firm had revenue of $21.75 million during the quarter, compared to analyst estimates of $5.95 million. During the same quarter in the previous year, the firm posted ($1.49) earnings per share. The company’s quarterly revenue was up 55.7% on a year-over-year basis. On average, analysts expect that IDEAYA Biosciences will post -3.07 earnings per share for the current year.

Institutional Investors Weigh In On IDEAYA Biosciences

A number of institutional investors have recently made changes to their positions in IDYA. Farther Finance Advisors LLC boosted its position in shares of IDEAYA Biosciences by 171.1% during the 4th quarter. Farther Finance Advisors LLC now owns 919 shares of the company’s stock worth $32,000 after purchasing an additional 580 shares during the period. Aster Capital Management DIFC Ltd purchased a new stake in IDEAYA Biosciences in the third quarter valued at approximately $38,000. ANTIPODES PARTNERS Ltd lifted its stake in IDEAYA Biosciences by 49.4% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 1,150 shares of the company’s stock worth $40,000 after purchasing an additional 380 shares in the last quarter. Abich Financial Wealth Management LLC acquired a new position in IDEAYA Biosciences during the third quarter worth $58,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of IDEAYA Biosciences during the second quarter worth $61,000. 98.29% of the stock is currently owned by institutional investors and hedge funds.

About IDEAYA Biosciences

IDEAYA Biosciences is a clinical-stage precision oncology company dedicated to the discovery and development of novel therapies that exploit synthetic lethality in cancer cells. By targeting key DNA damage response pathways, the company aims to selectively kill tumor cells exhibiting specific genetic vulnerabilities while sparing healthy tissue. IDEAYA’s pipeline includes small-molecule inhibitors designed to address underserved tumor types, and its lead programs are advancing through Phase 1 and Phase 2 clinical trials in multiple oncology indications.

Central to IDEAYA’s approach is its Modular Approach to Precision (MAP) platform, which integrates proprietary genomic and functional screening technologies to identify critical cancer-specific dependencies.