Leerink Partners Downgrades IDEAYA Biosciences (NASDAQ:IDYA) to Market Perform

IDEAYA Biosciences (NASDAQ:IDYA) was downgraded by investment analysts at Leerink Partners from an “outperform” rating to a “market perform” rating in a report released on Tuesday, MarketBeat reports. They currently have a $27.00 price objective on the stock. Leerink Partners’ target price suggests a potential downside of 10.00% from the company’s current price.

A number of other analysts have also recently weighed in on the company. BTIG Research raised their price objective on IDEAYA Biosciences from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Cantor Fitzgerald started coverage on shares of IDEAYA Biosciences in a research report on Tuesday, October 15th. They issued an “overweight” rating for the company. Stifel Nicolaus boosted their target price on shares of IDEAYA Biosciences from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Lifesci Capital raised shares of IDEAYA Biosciences to a “strong-buy” rating in a report on Monday, July 29th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of IDEAYA Biosciences from $69.00 to $66.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, IDEAYA Biosciences presently has an average rating of “Buy” and an average target price of $53.08.

IDEAYA Biosciences Stock Performance

IDEAYA Biosciences stock opened at $30.00 on Tuesday. The company has a market capitalization of $2.53 billion, a PE ratio of -13.70 and a beta of 0.86. The company has a 50 day moving average price of $32.95 and a 200-day moving average price of $36.89. IDEAYA Biosciences has a fifty-two week low of $27.52 and a fifty-two week high of $47.74.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.14). During the same period last year, the company earned ($0.50) earnings per share. On average, analysts forecast that IDEAYA Biosciences will post -2.47 earnings per share for the current year.

Institutional Trading of IDEAYA Biosciences

Several large investors have recently made changes to their positions in IDYA. Allworth Financial LP raised its position in shares of IDEAYA Biosciences by 800.0% during the 3rd quarter. Allworth Financial LP now owns 900 shares of the company’s stock valued at $29,000 after buying an additional 800 shares during the period. Covestor Ltd grew its holdings in IDEAYA Biosciences by 23,050.0% during the 3rd quarter. Covestor Ltd now owns 926 shares of the company’s stock worth $29,000 after acquiring an additional 922 shares in the last quarter. Quest Partners LLC purchased a new position in IDEAYA Biosciences in the second quarter valued at approximately $41,000. US Bancorp DE increased its position in IDEAYA Biosciences by 67.2% during the third quarter. US Bancorp DE now owns 1,714 shares of the company’s stock worth $54,000 after buying an additional 689 shares during the period. Finally, Comerica Bank raised its stake in IDEAYA Biosciences by 723.5% during the 1st quarter. Comerica Bank now owns 1,507 shares of the company’s stock valued at $66,000 after acquiring an additional 1,324 shares during the last quarter. 98.29% of the stock is currently 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.