IDEAYA Biosciences (NASDAQ:IDYA) Shares Down 6.1% – Time to Sell?

Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA) were down 6.1% during trading on Thursday . The company traded as low as $26.61 and last traded at $26.62. Approximately 273,356 shares traded hands during trading, a decline of 68% from the average daily volume of 867,246 shares. The stock had previously closed at $28.35.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IDYA. Royal Bank of Canada reiterated an “outperform” rating and issued a $61.00 price target on shares of IDEAYA Biosciences in a report on Tuesday, September 24th. UBS Group began coverage on IDEAYA Biosciences in a report on Thursday, October 24th. They issued a “buy” rating and a $50.00 price target for the company. Leerink Partnrs downgraded IDEAYA Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 5th. Cantor Fitzgerald began coverage on IDEAYA Biosciences in a report on Tuesday, October 15th. They issued an “overweight” rating for the company. Finally, Wedbush reiterated an “outperform” rating and issued a $52.00 price target on shares of IDEAYA Biosciences in a report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $53.67.

IDEAYA Biosciences Stock Performance

The firm’s 50-day moving average price is $29.27 and its 200 day moving average price is $34.98.

IDEAYA Biosciences (NASDAQ:IDYA) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.60) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.03. During the same quarter in the prior year, the firm posted ($0.46) EPS. On average, research analysts forecast that IDEAYA Biosciences, Inc. will post -2.46 EPS for the current fiscal year.

Hedge Funds Weigh In On IDEAYA Biosciences

A number of large investors have recently bought and sold shares of IDYA. California State Teachers Retirement System lifted its holdings in IDEAYA Biosciences by 19.0% in the first quarter. California State Teachers Retirement System now owns 57,535 shares of the company’s stock worth $2,525,000 after acquiring an additional 9,176 shares during the last quarter. Comerica Bank lifted its holdings in IDEAYA Biosciences by 723.5% in the first quarter. Comerica Bank now owns 1,507 shares of the company’s stock worth $66,000 after acquiring an additional 1,324 shares during the last quarter. SG Americas Securities LLC lifted its holdings in IDEAYA Biosciences by 411.3% in the second quarter. SG Americas Securities LLC now owns 11,775 shares of the company’s stock worth $413,000 after acquiring an additional 9,472 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in IDEAYA Biosciences by 38.4% in the second quarter. Nisa Investment Advisors LLC now owns 3,340 shares of the company’s stock worth $117,000 after acquiring an additional 927 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in IDEAYA Biosciences by 43.0% in the second quarter. Bank of New York Mellon Corp now owns 316,492 shares of the company’s stock worth $11,112,000 after acquiring an additional 95,129 shares during the last quarter. Institutional investors own 98.29% of the company’s stock.

About IDEAYA Biosciences

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.